Review of construction sector in Azerbaijan (January-March 2017)

Most of construction work accounted for primary construction, reconstruction and expansion in January-March 2017, the Azerbaijani State Statistics Committee said.

Some 65.9 percent of the total volume of construction work accounted for primary construction, reconstruction and expansion, 9.3 percent - overhaul, 5.0 percent - current repair and 19.8 percent - other construction work.

Some 89.4 percent of the total volume of construction work was carried out by non-state construction companies.

According to the Azerbaijani State Statistics Committee, housing commissioning increased by 15.2 percent in Azerbaijan in January-March 2017 compared to a 13-percent-decrease in 2016.

Some 176,400 square meters of housing were commissioned in Azerbaijan in March 2017 compared to 101,500 square meters in February 2017 and 65,200 square meters in March 2016.

Some 385,500 square meters of housing were commissioned in Azerbaijan in 2017 compared to 334,700 square meters in the same period of 2016.

According to the MBA Group consulting company, the average cost of housing in Baku’s secondary market decreased by 2.3 percent up to $1,030 per square meter in January-March 2017 compared to January-March 2016.

The prices on economy-class apartments in the secondary market decreased by 3 percent up to $818 per square meter, while prices on comfort and business class housing slightly increased.

So, the cost of comfort class accommodation reached $1,417 per square meter (growth by 0.35 percent in January-March 2017), while business class accommodation - $2,231 per square meter (1.38 percent).

Some 7,390 apartments were put up for sale in January-March 2017, which is by 4.41 percent less than in the fourth quarter of 2016. At the same time, only a third of them, 31.5 percent, are for the first time put up for sale, the rest housing was already put up for sale in the previous quarters. Despite a decrease in the number of apartments put up for sale, the volume of transactions for housing purchase and sale slightly increased by 2.45 percent up to 2,534 deals in January-March 2017.

Comparative table of apartments for sale in Baku’s secondary housing market by class (Q1 2017 compared to Q4 2016):

Housing class

Number of offers

Change (%)

Secondary market share (%)

Economy class

5 320

+1,78

72

Comfort class

1 551

-0,76

21

Business class

519

-1

7

Total

7 390

-4,41

100

As for the structure offered in the secondary real estate market, most of them (30.48 percent) account for three-room apartments, 29.49 percent – two-room apartments, 17.57 percent – four-room apartments and 14.3 percent - one-room apartments. Some 8.16 percent of offers account for multi-room apartments (five rooms and more).

Most of apartments offered for sale in Baku’s secondary housing market are located in Nasimi district - 26 percent. A little more than 20 percent of secondary housing is located in the Yasamal district, 10 percent - in Binagadi, Khatai and Sabail districts. Less than ten percent of all offers in the secondary housing market account for each of other districts of Baku.

Construction material market

According to the Azerbaijani State Statistics Committee, the construction materials worth 111.3 million manat were produced in January-March 2017, which is by 50.2 percent more than in January-March 2016.

Cement production increased by 22.1 percent up to 473,100 tons, the production of building lime – by 56.9 percent up to 6,703 tons, ready-mixed concrete – by 29.1 percent up to 102,400 tons.

The production of bricks increased by 24.3 percent up to 50,800 cubic meters, precast concrete building structures - by 3.5 times up to 39,200 tons, processed marble, travertine, alabaster and items made of them – by 3.9 times up to 1,212,900 tons.

The production of gypsum plaster production decreased by 28 percent up to 26,500 tons, asphalt - by 72.5 percent up to 33,000 tons, building blocks and cement bricks, artificial stone bricks or concrete bricks – by 9.5 percent up to 19,824,800 tons in January-March 2017, the report said.

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