Expert: Deficit in Baku Real Estate Market Results from Low Purchase Capacity of Population
Azerbaijan, Baku / corr. Trend U.Ismaylova / The Executive Director of the Public Organization "Participants of Real Estate Market", Nusret Ibrahimov, stated on 27 March that the shortage in real estate property in Baku results from a low level of purchase capacity due to social conditions of the population.
According to the Caspian Property Services Company, the deficit in the real estate market of Baku and prices increase in March link with the high demand and low proposal due to the simple terms of mortgage credits. "Deficits cannot be observed for habitation in the present situation of real estate market of Azerbaijan," Ibrahimov said.
According to information provided by Caspian Property Services, the prices for the apartments in the center of Baku ranged between $750 and $1,100 for one sq.m and on the outskirts between $500 and $620, an increase of nearly 5% compared to February.
As from 27 March, the Mortgage Fund of Azerbaijan will be issuing 550 more credits in the amount of over AZN 17 mln.