Most of construction work accounted for primary construction, reconstruction and expansion in January-October 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, 10.0 percent - overhaul, 5.0 percent - current repair and 19.1 percent - other construction work.

Some 85.5 percent of the total volume of construction work was carried out by non-state construction companies.

Some 1,399.5 square meters of housing were commissioned in Azerbaijan in January-October 2017, which is by 1.9 percent more than in the same period of 2016.

Some 136,500 square meters of housing were commissioned in Azerbaijan in September 2017.

The capital investments in housing construction amounted to 746.7 million manat (a 42.9 percent increase) in January-October 2017, including 50 million manat in October.

In 2016, 1,677.1 square meters of housing were commissioned in Azerbaijan, which is 13.2 percent less than in 2015.

Real estate market

Prices in Baku’s real estate market in manat terms increased by 0.46 percent in October 2017, Director General of MBA Consulting Group Nusrat Ibrahimov said.

He said the prices in the land market, as well as in the markets of rental housing and rental commercial property increased in October 2017.

Thus, prices increased in the land market by 1.61 percent, by 6.06 percent in the rental housing market and by 4.63 percent in the rental commercial property market.

"For the month, prices declined by 0.41 percent in the primary housing market, by 0.75 percent in the secondary housing market, and by 4.88 percent in the commercial property market," Ibrahimov said.

He added that since early 2017, prices in the real estate market have decreased by 9.16 percent.

“In general, the decline in prices has slowed,” Ibrahimov said. “The prices in land market and rental housing market have increased by 4.71 percent and 16.22 percent, respectively, since early 2017. The prices in the remaining segments of the market declined.”

"The prices in the primary and secondary housing markets decreased by 10.46 percent and 4.31 percent, respectively, since early 2017,” he said. “The prices decreased by 19.01 percent in the commercial property market and by 15.38 percent in the rental commercial property market.”

Construction material market

According to the Azerbaijani State Statistics Committee, the construction materials worth 460.6 million manat were produced in January-October 2017, which is by 28.8 percent more than in January-October 2016.

Cement production increased by 24.2 percent up to 2.39 million tons. The production of gypsum plaster decreased by 34.5 percent up to 82,600 tons.

The production of processed marble, travertine, alabaster and items made of them increased by 3 times up to 19,180 tons, the production of ready-mixed concrete – by 53.7 percent up to 561,900 tons, prefabricated concrete structures – by 83.1 percent up to 133,100 cubic meters.