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Price of Second Homes in Baku Rise 1.5%

Business Materials 15 May 2007 19:56 (UTC +04:00)

Azerbaijan, Baku / Trend.Capital / The supply of second homes in Baku amounted to 2,000 in March and 2,100 in February, a report of the 'Real Estate Market Participants' Civil Society Organization say.

Most of the supply in March was in the Yasamal district of Baku (27%). Supply in the Nasimi district of Baku made up 19.5% and in Narimanov district 18.5%.

Districts Price in $ for 1 sq m Rise in % per year
Azizbayov 568 0.4
Binagadi 1,027 1.7
Garadagh 576 0.3
Yasamal 1,253 8.2
Nizami 1,040 8.1
Narimanov 1,241 1.5
Nasimi 1,355 2.1
Sabunchi 1,033 3.6
Surakhany 908 4.3
Sabayil 1,735 8.0
Khatai 939 7.3

The average price for second homes was up 1.4% on February and comprised $1,173 per sq m.

Flats at the cost of $63,000-$75,000 for second homes in the market in March comprised 29.1% of total amount.

Most of the supply was for two room (35%) and three room flats (39%).

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