Decrease in Consumers Quota of 40% in Real Estate Market Within 2007: Expert
Azerbaijan, Baku ./ Trend corr. U.Ismayilova / The current prices in the real estate market in Baku has exceeded the resources for potential customers which negatively affects the activity of the market, Nusrat Ibrahimov, the Executive Director of the 'Participants of the Real Estate Market' public organization stated on 17 August.
According to Ibrahimov, seasonal reports also affect the market which has resulted in prices being frozen. Monitoring has revealed a 1.5% rise in the average prices in July in Baku. This figure mainly covered land and commerce facilities market.
In the first housing market the average price was $1,026per one sq. m. The average price in the second housing market was $1,255 per one sq. m in Baku in July. The executive director noted that the quota for consumers was reduced by 40% in July 2007 compared to the same period in 2006.
Monitoring revealed that prices in the Baku real estate market decreased in June and was stable in July.