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Real Estate Prices in Baku Rise 2%

Business Materials 15 May 2007 17:41 (UTC +04:00)

Azerbaijan, Baku / Trend / The prices in the real estate market in Baku rose by 2% and made up $948 per sq m in March, while in February the price was $929 per sq m, the report of the 'Real Estate Participants' Social Organization say.

The construction of 502 buildings by 226 companies continued in Baku in March. The average number of storeys was 15.3.

The prices for real estate profoundly rose in the Nasimi and Narimanov districts of Baku. A shortage of one and two roomed flats occurred in the first (central) zone of the city. The demand was mostly for four and five roomed flats.

In the third and fourth zones of the city the situation was quite the opposite.

The change in the price of many-roomed flats occurred in Baku in January-March due to their close location to the centre. The rise in prices for flats intended for the well-to-do of the population was more intensive than for flats intended for other classes.

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