Real Estate Prices Rise 25% in Azerbaijan
Azerbaijan, Baku / Trend , corr U.Ismayilova / Arif Garashov, Head of the Agency for State Registration of Real Estate, reported on 15 March that from January 2006 to 2007 real estate market prices in Azerbaijan rose approximately 25%.
Garashov said that prices of real estate are mainly defined by the market economy. "The rise in prices of real estate depends upon the direct prices of the facility and should be regulated by prices in the market," he said.
The rise in prices of construction material and energy resources has caused an increase in direct prices of real estate, affecting both old and new properties. Prices within the market were always unstable, while over past few years, prices have increased rapidly.
Garashov noted that, except for a few regions, prices are not as active as in the capital.
He also noted a lack of interest to purchase real estate in some regions of Azerbaijan.