Prices in Baku real estate market increase

(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 1

By Anvar Mammadov – Trend:

The prices in Baku's real estate market increased by 0.46 percent in September 2017, Nusret Ibrahimov, director general of the MBA Group consulting company, real estate expert, told Trend.

The main market segments, except for the primary housing market, showed growth in September, according to him.

"Prices in the secondary housing market grew by 3.25 percent, in the land market – by 1.61 percent, in the market of commercial facilities – by 1.5 percent. Rental housing rose in price by 4.63 percent and rental of commercial facilities went up by 5.75 percent in September. As for the prices in the primary housing market, they decreased by 6.56 percent during the month," he said.

The expert noted that since early 2017, prices in the market have fallen by 3.28 percent.

"In general, the decline in prices slightly slowed, and the rental market has even grown by 0.21 percent from the beginning of the year. Other market segments showed a decrease. Prices in the primary and secondary housing market fell by 17.4 percent and 6.29 percent, respectively. Since the beginning of 2017, prices in the land market have fallen by 4.2 percent, in the market of commercial facilities – by 14.83 percent and prices in the market of their rental have decreased by 14.45 percent," Ibrahimov said.

The growth of prices in September is seasonal, according to the expert.

"This is common – following certain decrease in summer, in autumn, the market starts to become active. We are seeing a similar situation this year as well. I think in October, the market will continue to show growth, some correction in prices may occur in November, but by the end of the year prices should increase again," he said.

Earlier, Ibrahimov said that the prices in the real estate market can increase by ten percent in 2017. The gradual adaptation of the population to the current situation and the restoration of Azerbaijan Mortgage Fund's activity can contribute to it.

The prices in Baku's real estate market in US dollar terms decreased by 31.53 percent in 2016.


Trend News Agency

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