Azerbaijan, Baku / Trend corr U. Ismayilova / A rise in prices for real estate in Baku in the summer has not been forecasted, a source at PRANT Agency reported on 24 May. The leading PRANT International Real Estate Agency has been functioning in Azerbaijan since 1997.
A 14% increase has occurred in the primary real estate market and a 30% increase at the secondary real estate market since the beginning of 2007 which was caused by the decision of the Council on Tariffs to raise prices for public utilities and energy in January.
The real estate market experiences seasonal stagnation which has resulted in only 10% of the package of supplies having been sold since April. However, a drop in prices in the market is not forecasted. On the contrary, the prices will rise from September, in the beginning of the new season.
The decision of the Council on Tariffs to increase the prices for telephone calls from AZN 0.7 to AZN 2 in May has not affected the real estate market in Azerbaijan.
According to the data provided by the Real Estate Market Participant Public Organization, prices in the real estate market in Baku rose by 2% in March and made up $948 per sq m. ($929 in February). In April, however, the market has, during the summer, experienced stagnation in prices.