Review of construction sector in Azerbaijan (January-November 2015)

Around 143,140 square meters of housing were commissioned in November 2015 compared to 161,190 square meters in the same period of 2014.

Over 1.63 million square meters of housing have been put into operation in Azerbaijan since early 2015, which is 9.5 percent less than in the same period of 2014.

Commissioned:

Jan.-Nov. 2015

Compared to Jan.-Nov. 2014 (percent)

residential buildings, total area, thousand sq. m

1 634,1

90,5

Hospitals

270

145,2

Pre-school educational institutions, facilities

2 127

194,8

Funds directed to fixed capital, in mln manat

14 438,8

97,6

Including:
- for the construction of production facilities

8 835,3

98,3

- for the construction of facilities in service sector

4 689,5

98,6

- for the construction and installation work of the total amount of funds

10 570,4

99,2

Some 61.2 percent of the total volume of construction work accounted for primary construction, reconstruction and expansion, 14.5 percent - overhaul, 7 percent - current repair and 17.3 percent - other construction work.

Some 87.9 percent of the total volume of construction work was carried out by non-state construction companies.

According to MBA Group consulting company, the prices decreased by 0.43 percent on the Azerbaijani real estate market in November 2015.

The prices have reduced by 22.91 percent on the real estate market during a year.

The decline in prices is observed on the housing market.

In general, the prices continue reducing on the market. The exception was the land market, where the prices increased by 1.58 percent in November compared to October. This is connected with the fact that the prices on the market meet the opportunities of the population. So, the activity is preserved on the land market. However, the prices on the land market also declined by 12.12 percent.

The prices declined by 1.47 percent (a 25.69 percent decrease during a year) on the secondary housing market in November, while by 2.52 percent on the primary housing market (by 28.51 percent during a year).

The largest decline during the year occurred on the market of commercial facilities. Thus, the prices on the market decreased by almost 34 percent during the year. The prices declined by 2.13 percent in November. The prices on the rental market also declined. The prices reduced by 2.09 percent in November, while by 20.16 percent during the year.

Commercial real estate market

According to MBA Group consulting company, the number of commercial facilities put on sale increased by 9.7 percent in Baku in November 2015 compared to the previous month.

A decline, which started in March, was observed on the commercial real estate market of Baku after June [an increase by 23.08 percent - from 156 to 192 facilities].

According to the monitoring, some 116 commercial facilities were put up for sale in November, while in October the number was 105. The number of commercial facilities put up for sale reduced by 37.97 percent (187 in November 2014) compared to November 2014.

The major share (47.1 percent) of commercial facilities put up for sale accounted for "vacant land plots" (a type of sites which can be used as an office, a shop and other purposes), 25 percent - the service facilities, 13.2 percent - shops, 7.4 percent - offices, basements.

An average area of non-residential facilities was 197.37 square meters or by 6.2 percent more compared to the previous month.

The largest land plot in Baku was registered near Nizami metro station in Yasamal district - 900 square meters (a vacant land plot), the smallest land plot also in Nasimi district - 18 square meters (a vacant land plot).

The fluctuations of prices and market activity in November did not increase the period of exposing the facilities put up for sale. Within a month the period of exposing non-residential facilities amounted to 219 days.

The average cost of a non-residential area in dollars decreased by 2.13 percent in November (compared to October 2015), reaching $2,947 per square meter. The average rent per square meter in November was $14.25 or by 3.26 percent more than in the same period of the previous month.

The price index in November 2015 decreased by 22 percent compared to the same period of 2014, but by 2.13 percent compared to October.

Changes in prices on non-residential areas depending on the zones:

Zones

October 2015

November 2015

Change in %

USD

USD

month

year

Shops

4 451

4 759

6,9

-3,4

Vacant land plots

2 473

2 682

8,5

-12,8

Service facilities

3 399

3 068

-9,7

-10,7

Offices

2 120

2 169

2,3

-5,0

Basements

1 123

1 163

3,6

6,8

Industrial facilities

612

600

-2,0

-6,0

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