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Housing prices in Baku decrease

Business Materials 27 January 2021 16:45
Housing prices in Baku decrease

BAKU, Azerbaijan, Jan. 27

By Fidan Babayeva - Trend:

The housing prices in the secondary market of Baku in December 2020 decreased by 2.9 percent compared to November 2020, and increased by 6.54 percent compared to 2019, Nusrat Ibrahimov, Director of the MBA Group consulting company, told Trend.

In December 2020, the price of apartments in the secondary housing market amounted to 1,742 manat ($1,024) per square meter, said Ibrahimov.

At the same time, the average cost of housing in the primary market in December 2020 decreased by 2.4 percent compared to November 2020 to 1,400 manat ($823,529).

On an annualized basis, the cost of housing in the primary market increased by 12.18 percent.

According to the expert, due to the coronavirus (COVID-19) pandemic, a number of trade and service sectors suspended their activities, and therefore the leased premises were returned, which led to an increase in offers on the rental market and a decrease in prices.

Such price changes in the market are temporary, he added.

(1 USD = 1.7 AZN on Jan. 27)

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Follow the author on Twitter: @Fidan_Babaeva

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