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Land plots in Baku drop in price

Business Materials 28 January 2021 09:54
Land plots in Baku drop in price

BAKU, Azerbaijan, Jan. 28

By Fidan Babayeva – Trend:

The prices for land plots in Baku decreased by 12.7 percent in December 2020, compared to 2019, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend.

In December 2020, the prices for land plots amounted to 18,807 manat ($11,062), which decreased by 8.34 percent compared to November 2020.

At the same time, the prices for commercial real estate increased 9.38 percent compared to 2019.

The cost of 1 square meter of the area of ​​commercial facilities in the reporting month increased by 1.01 percent over the month and amounted to 2,914 manat ($1,714).

“There was also an increase in prices for summer cottages and private houses. In this market segment, the price increased by 3.17 percent over the month. Compared to 2019, prices increased by 3.68 percent, amounting to 845 manat ($497).

In December, the average price of rental objects in Baku decreased by 0.6 percent compared to November 2020 and by 7.94 percent compared to December 2019, amounting to 15.18 manat ($8.92) per square meter.

According to the expert, due to the coronavirus pandemic, a number of trade and service sectors have suspended their activities, in connection with which the leased premises were returned to the owners, which led to an increase in offers on the rental market and a decrease in prices. However, most likely, such price changes on the market are seasonal.

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Follow the author on Twitter: @Fidan_Babaeva

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