Housing prices in Baku's secondary market increase

Business Materials 11 August 2021 15:21 (UTC +04:00)
Housing prices in Baku's secondary market increase

BAKU, Azerbaijan, Aug. 11

By Zeyni Jafarov - Trend:

The average housing prices in the secondary market of Azerbaijan’s Baku city grew by 0.59 percent in July 2021, compared to June 2021, and by 1.62 percent compared to July 2020, Director of MBA Group consulting company, real-estate expert Nusrat Ibrahimov told Trend.

According to him, the following situation is observed in the primary housing market of the capital - monthly growth of 0.65 percent is recorded, and 5.1-percent growth – on annual basis.

Ibrahimov noted that the reason for the rise in prices for real estate in the primary and secondary markets is undoubtedly the revival of the economy in general.

"The gradual recovery of the global and Azerbaijani economies amid the ongoing COVID-19 pandemic is leading to inflationary pressures and price increases are inevitable," he said.

He said this also affects the market for real estate, building materials and labor.

"In total, in July of this year, the prices for the real estate properties in the capital increased by 0.99 percent compared to June 2021, and by 8.97 percent – on annual basis," the expert said.


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