BAKU, Azerbaijan, Aug.11
By Zeyni Jafarov - Trend:
The average prices of private houses and summer cottages grew in Azerbaijan in July 2021, Director of MBA Group consulting company, real-estate expert Nusrat Ibrahimov told Trend.
According to Ibrahimov, this indicator increased by 7.29 percent and 10.43 percent compared to June 2021 and July 2020, respectively.
The cost of renting private houses and summer cottages in Baku in July this year remained stable, but on annual basis it decreased by 9.56 percent, he said.
As the expert noted, the reason for the rise in prices for real estate in general is undoubtedly the revival and gradual recovery of the global and Azerbaijani economies against the backdrop of the ongoing COVID-19 pandemic.
"In this case, the rise in prices is inevitable and this also affects the market for real estate, building materials and labor," Ibrahimov further said.
Along with the above, he noted that the market for land plots in the capital showed a decline by 5.98 percent in monthly terms, and by 8.09 percent over the year.
According to him, in July 2021 the real estate market in Baku totally increased by 0.99 percent over the month, and by 8.97 percent on annual basis.
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