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Cost of housing in secondary market of Azerbaijan’s Baku increases

Business Materials 20 November 2020 19:42 (UTC +04:00)
Cost of housing in secondary market of Azerbaijan’s Baku increases

BAKU, Azerbaijan, Nov. 20

By Fidan Babayeva – Trend:

The cost of housing in the secondary market of Azerbaijan’s Baku in October 2020 increased by 0.36 percent compared to the preceding month and increased by 5.06 percent compared to last year, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend.

The price of apartments in the secondary housing market amounted to 1,709 manat ($1,005) per square meter in October 2020.

At the same time, the average cost of housing in the primary market in September 2020 increased by 3.34 percent up to 1,312 manat ($771) compared to the preceding month.

Annually, the cost of housing in the primary market decreased by 1.28 percent.

“A number of trade and service sectors have suspended the activity due to the COVID-19 pandemic,” Ibrahimov said. “As a result, the leased premises were returned, which led to an increase in offers on the rental market and a decrease in prices. This price change in the market is seasonal.”

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