Real estate experts points out the rapid increase in the prices on accommodation in Baku City.
Elmira Talibova, the Sales Consultant of the Appraisal Company - Caspian Property Services under the Azerbaijan Mortgage Fund (AMF), informed Trend today that the prices on apartments in Baku new buildings had increased by 50-60% to 2005.
The prices on apartments in Yeni Yasamal District of Baku City in December, 2006 reached 300-350 AZN per one square meter. Today, this figure equals to 500-550 AZN per one square meter, she said.
The prices on accommodation also increased in the Matbuat Avenue 400-450 AZN per one square meter in December, 2006 up to 600-650 AZN per one square meter in February, 2006.
In the downtown Baku, the prices have mounted up to 1,500 AZN per one square meter since December, 2006, she said.
The construction of new block of flats has virtually been suspended since 1986. Five-six years ago, construction works were launched in Baku again. All this process has had its effect on the economy of the country, as well as on the prices and saturation in the real estate market, said Mrs. Talibova.
As to the consumer capacity, Mrs. Talibova said that there had been no shortage in the demand, particularly due to the return of many Azerbaijanis to the country.