BAKU, Azerbaijan, Aug. 13
By Zeyni Jafarov - Trend:
The commercial real estate market in Baku in July 2021 rose in price by an average of 2.43 percent compared to June 2021 and by 10.93 percent compared to July 2021, Director of the MBA Group consulting company, property expert Nusrat Ibrahimov told Trend.
According to him, the rental value in the commercial real estate market in the capital for the specified period remained stable - an increase of 0.7 percent, in annual terms - 3.23 percent.
Along with this, the rental cost of apartments in the capital for the month fell by 5.45 percent, and in annual terms increased by 8.46 percent.
An insignificant decline was recorded at the market of building materials in Baku for a month - by 0.19 percent, but for a year - an increase by 11.51 percent.
The expert noted that 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 amid the ongoing COVID-19 pandemic.
“In this case, a rise in prices is inevitable, and this also affects the market for real estate, building materials and labor,” Ibrahimov said.
According to the company director, in general, the real estate market in Baku registered an increase of 0.99 percent over the month, and by 8.97 percent – on annual basis.
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