Construction sector (First quarter of 2010)

In January-March the volume of construction works increased in Azerbaijan. Construction work totaled 701 million manat, which is 20.4 percent more than the same period of 2009.

The construction works in the public sector amounted to 223.7 million manat during the year, in the private sector - 477.3 million manat.

Of the total construction works, 506.7 million manat or 72.3 percent account for the primary construction, reconstruction and expansion, 109 million manat or 15.6 percent - capital repair, 47.9 million manat or 6.8 percent - current repair, 37.4 million manat or 5.3 percent - other construction work.

In January-February, 55,500 people were involved in the construction sector and the nominal level of the salary totaled 479.2 manat, which is 9.4 percent more than the same period of the last year.    

According to the data provided by the State Statistics Committee, the total area of housing in Azerbaijan put into use during the first quarter of 2010 totaled 215,300 square meters, which is 80.4 percent higher than the same period of the last year.

823.1 million manat was invested in the construction of production facilities or 31.6 percent more than the first quarter of 2009, 813.7 million manat (87 percent more) in the facilities in the service sector.

Total investments in the main capital amounted to 1636.8 million manat, increasing by 4.9 percent during the year.

Primary housing market

During March, construction of 434 buildings compared to 426 in February was continued, Participants of Property Market public organization said. Construction works were held by 150 construction companies.

During March construction of two buildings were completed.

In March, most of new buildings were built inYasamal, Khatai and Nasimi districts of Baku, which amounted to 66.1 per cent of the total market portfolio.

Decline at 3.4 percent observed in the Yasamal district of Baku in February. Decline in prices mainly observed in Khatai district of Baku.

The apartment area constructed in the primary housing market amounted to 121.6 square meters compared to 122.3 square meters in January. n February, the average area of floor in Baku's new buildings made up 15.2, the average block index in the buildings made up 2.4.

Secondary housing market

In March, prices on the Baku secondary real estate market decreased by 0.4 percent to $1,161per a square meter in September, compared to $1,166 in February, the Property Market Participants public organization said.

Price growth in the secondary housing market of Baku was observed only in Garadagh district of the capital at 0.7 percent. A significant decline in prices was observed in Yasamal district - at 1.4 percent.

The share of apartments offered in the market below the average price amounted to 58.4 per cent of the total market portfolio. The share of newly-built buildings in the secondary market amounted to 60.9 percent compared to 60.1 percent in February.

In March, the average price for an apartment was amounted to $45,310 and the average price of one room was $116,562.

In March, share of one-room apartments in the market was 14.6 percent, two-room - 37.5 percent, three-room - 39.1 percent, four-room - 8 percent, five-room - 0.7 percent.

Apartments offered on the market under the average price took 3.2 percent of the market portfolio. In total about 6,700 apartments were offered in the market compared to 6,950 the in February. Major part of the market portfolio (80.2 percent) was apartment, offered in Yasamal, Nasimi, Narimanov and Khatai districts of Baku.

Share of the Binagadi district in the portfolio of this segment of the market amounted to 7.9 percent, Nizami - 5.2 percent, Azizbayov - 0.6 percent, Sabail - 4.3 percent, Surakhani - 0.7 percent, Garadagh - 0.3 percent.

Land market

In March, the average price of one hundred square land in Baku fell by 0.6  percent up to $14,436 compared to $14,521 in February.

A term of land exposition in March increased by 0.4 percent up to 253 days.

The land market of in Baku offered the most expensive land in Nasimi district - at $ 190,000 per hundred square meters, the cheapest - in the Absheron area - at $ 350 per hundred square meters in February.

Building materials

Prices for construction materials in Baku in March increased by 19.84 percent. Prices increased by 13.1 percent, Participants of property market public organization said

In March, the monitoring was conducted on 38 items and 89 varieties of building materials. The share of local production of building materials last month was 53.9 percent.

Commercial facilities

In March, prices for commercial buildings in Baku decreased by 0.2 percent, rent of commercial buildings - by 0.2 percent.

The average price of a non-residential facility amounted to $2, 980 in Baku in March compared to $2,985 per square meter in February.  Compared to of the previous quarter the prices decreased by 0.3 percent and the same period last year - by 3.9 percent.

The share of commercial buildings, proposed on the market below the average price amounted to 53.8 percent of the market portfolio.

The significant rise in prices was observed only in Garadagh district of Baku by 0.2 percent. The most significant decline was in Yasamal district by 0.8 percent. Proposals on the market increased by 1.2 percent.

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