Review of construction sector in Azerbaijan (January-November 2017)
Most of construction work accounted for primary construction, reconstruction and expansion in January-November 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, 10.1 percent - overhaul, 5 percent - current repair and 19 percent - other construction work.
Some 85.2 percent of the total volume of construction work was carried out by non-state construction companies.
Real estate market
Prices in Baku's real estate market decreased by 0.94 percent in November 2017, MBA Consulting Group said.
The prices in the land market and secondary housing market increased, while prices in the primary housing market, commercial property market, rental housing market and rental commercial property market decreased in November 2017.
In November, the cost of secondary housing was 1,627 manat per square meter, which is 1.16 percent more than in the previous month. The cost of primary housing decreased by 0.27 percent and amounted to 1,238 manat per square meter.
The average rental housing in Baku in November amounted to 8.49 manat per square meter, which is 1.19 percent less than in late October. The prices in the land market increased by 2.48 percent during November. The average price of land was 20,349 manat per 100 square meters.
The prices in the commercial property market continued to decline in November.
Thus, the average cost of commercial property was 2,588 manat per square meter, which is 2.31 percent less than in the previous month. The prices in the rental commercial property decreased by 1.83 percent. The average cost of commercial property was 13.65 manat per square meter.
The prices in the real estate market decreased by 7.73 percent in November 2017 compared to the same period of 2016.
The prices in the secondary housing market declined by 13.79 percent, rental housing market - by 17.04 percent, land market - by 1.23 percent for the year. The prices in the commercial property market decreased by 21.31 percent, the primary housing market and rental commercial property market decreased by 13.79 percent and 17.68 percent in November 2017 compared to November 2016.
Construction material market
According to the Azerbaijani State Statistics Committee, the construction materials worth 509.7 million manat were produced in January-November 2017, which is by 29.8 percent more than in January-November 2016.
According to the report, 2.66 million tons of cement were produced in Azerbaijan (an increase of 24.8 percent compared to the same period of 2016), 83,300 tons of plaster (a decrease of 40.8 percent), 678,300 tons of ready-mixed concrete (an increase of 75.4 percent), 141,200 cubic meters of precast concrete structures (an increase of 1.7 times), 22,110 tons of processed marble, travertine, alabaster and items made of them (an increase of 3.2 times) in the reporting period.