Tuesday, 30 May 2023 04:17 GMT

Prices in Baku's real estate market down


(MENAFN- Trend News Agency ) Baku, Azerbaijan, Dec. 10

By Anvar Mammadov – Trend:

Prices in Baku's real estate market decreased by 0.94 percent in November 2017, Director General of MBA Consulting Group Nusrat Ibrahimov told Trend.

He said that 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,' he said. 'The cost of primary housing decreased by 0.27 percent and amounted to 1,238 manats per square meter.'

'The average rental housing in Baku in November amounted to 8.49 manats per square meter, which is 1.19 percent less than in late October,' Ibrahimov said. 'The prices in the land market increased by 2.48 percent during November. The average price of land was 20,349 manats per 100 square meters."

Ibrahimov said that 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,' he said. '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 expert added that 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 expert said. '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.'

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

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