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May Real Estate Index in Baku Announced

Business Materials 28 June 2007 15:34 (UTC +04:00)

Azerbaijan, Baku / corr. Trend U.Ismaylova / The public 'Participants of real estate market' organization has reported that most of the apartments in Baku in May were sold in the district of Khatai of Baku City, which made up 26.4% of the total portfolio of the real estate market of the city.

The district of Nizami of Baku City made up 16.9 % of the portfolio and Narimanov 15.9%. The number of apartments on the market in average made up 2,004 in May.

Summary table of cost for square meter of real estate in Baku districts:

Baku Districts Prices in $ per sq m Increase in % for a month
Azizbayov 677 1,3
Binagadi 1267 0,8
Garadag 573 -0,3
Yasamal 1345 0,9
Nizami 1194 1,2
Nariman 1443 0,1
Nasimi 1591 0,4
Sabunchi 1134 0,1
Surakhani 812 0,5
Sabayil 1914 0,5
Khatai 1005 0,3

30% of the total portfolio in May was made up of apartments costing $65,000 to $75,000. The average price of one room made up $3,438, the average price for an apartment was $81,138.

Some 38% of apartments sold were two-room apartments and 34% were three-rooms.

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