Review of construction sector in Azerbaijan (January-July 2011)

According to the State Statistics Committee, in January-July 2011, the amount of construction works increased in Azerbaijan by 22.7 percent.

The construction works in the public sector amounted to 26.6 percent during the year, in the private sector - 73.4 percent.
Of the total construction works, 75.6 percent accounted for new construction, reconstruction and expansion, 16.4 percent - capital repair, 3.0 percent - current repair, 5.0 percent - other construction work.
Primary residential market

The prices in the primary housing market of Baku fell by 0.2 percent to 837 manat in July compared June, the NGO Participants of Property Market reported.

Source: Participants of Real Estate Market public organization

The decline in prices was at 1.3 percent compared to early 2011, and 3.3 percent compared to the same period of 2010," the report reads.

The primary housing market recorded a seasonal revival and activity in July. This activity is particularly felt in the Yasamal, Khatai and Narimanov districts of Baku.

The price decline was mainly observed in cost-effective buildings in the Yasamal and Khatai districts.
As a rule, a low liquidity of apartments located above the 13th floor, prevents completion of the complete sale of buildings. As a result, just two buildings were withdrawn from the sale in July.

The number of ready buildings in Baku was 432 and construction companies - 155.
Most new buildings are now being built in the Yasamal district, followed by the Khatai and Nasimi districts.

Secondary housing market
Average price on the secondary housing market in Baku in July dropped by 0.6 percent to $983 per square meter compared to $989 in June, the NGO Property Market Participants said.

Source: Participants of Real Estate Market public organization

Processes occurring on the market negatively affected the pace of housing construction resulting in limited rehabilitation opportunities, and turnover of new buildings.
"This, in turn, led to lower prices of new buildings entering the secondary market," the experts of the organization said.
In July, the volume of proposals on the secondary housing market increased by 0.5 percent compared to June. The number of flats proposed on the market exceeded 7,000.
The increase in prices was not observed in any districts of Baku during a month. However, the largest decline in prices was observed in Surakhani district - 1.8 percent.
The proportion of secondary residences proposed for the market at a price lower than the average, amounted to 55.4 percent.
The average room rate on the secondary market in July was 2.79, with the average price of each room at $43,500 and flat - $111,451.
The price index also fell by 1.1 points to 180.3.
The dynamics of the purchase and sale transactions decreased by 0.4 percent.
The most attractive areas in the secondary housing market of Baku were Khatai and Yasamal. In general, the bulk of operations in the mortgage process fell to these districts.
The share of Yasamal, Nasimi, Narimanov and Khatai districts in the proposal portfolio was 78.7 percent. The formation of the portfolio is linked with the entry of new buildings on to the market.

Land market

The average price for 100 square meters of land decreased by 0.8 percent in July from $14,006 to $13,892 in Azerbaijan, NGO Property Market Participants said.

The main reason for the price decrease on Baku's land market is the sharp decline in demand, the report said.
The decrease in prices was observed in all districts of Baku.The Binagadi and Khatai districts were active on the land market. Nasimi district was the most passive district.
The most expensive land was offered in Nasimi for $250,000 per 100 square meters, and the cheapest in the Absheron district (Pirekeshkul settlement) for $350 per 100 square meters.
About 777.7 hectares of land was proposed on the land market in Baku in July. About 78.7 percent fell to empty areas and the rest to new and old residential areas.
The term of land exposition increased by 0.7 percent compared to the previous month.
During the month, the number of purchase and sale deals declined compared with June.
Commercial facilities
The average cost of the property and the cost of rental housing used for commercial purposes decreased by 0.1 percent and 0.2 percent respectively on the market of non-residential facilities in Baku in July.

The number of purchase and sale commercial property transactions decreased by 1.1 percent in July.

The average price of a non-residential facility amounted to $2.880 per square meter in Baku in July. According to the research, compared to the same period of 2010, the price decreased by 2.0 percent, but increased by 0.8 percent compared to the previous quarter.

The share of non-residential buildings, proposed on the market below the average price ($2,880 per hundred sq/m) amounted to 51.2 percent of the market portfolio.
The price on the non-residential facilities did not increase in any districts of Baku in July. The most significant decline occurred in Surakhani district - by 0.5 percent.
The non-residential areas mainly composed of private buildings and apartments on the first and second floors of buildings in July 2011.
Number of proposed non-residential areas in the market increased by 1.7 percent.

Building materials

In July, prices on the Baku building materials market increased by 1.97 percent compared to June, the NGO Property Market Participants reported.

Prices rose by 17.5 percent compared to early 2011 and by 20 percent compared to the same period of last year.

The share of domestic production in total volume of construction materials made up 51.2 percent.

Monitoring was conducted on 38 items and 88 types of building materials.

According to conducted studies, relative market activization was observed on the building materials market, which is typical for this season.

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