(MENAFN- Trend News Agency) Baku, Azerbaijan, Feb. 3
By Taleh Mursagulov - Trend:
Price increases are not expected in the real estate market of Azerbaijan in 2019, however, insignificant growth is possible only near the end of the year, the Chairman of the Property Market Participants Public Association Elnur Asadov told Trend.
"In 2018, real estate prices in Azerbaijan did not change, but the demand emerged. This is because in some parts of Baku there were demolitions of a number of houses in an emergency state. Despite this, the growth in real estate prices was not observed due to the fact that the residents of old houses were offered apartments in new buildings, which were under construction at the same place," he said.
"We expected that people, after receiving their compensation, would acquire property elsewhere. But that did not happen," Asadov said.
The expert also noted that the most expensive real estate in Baku is in Sabail district, as well as parts of Yasamal district and the cheapest ones are in Sabunchu and Surakhani districts.
"Moreover, the real estate market in Sumgayit is experiencing a decline. For example, two-room apartments in 2017 in Sumgayit would cost about 55,000 manats, but today their prices have dropped to 45,000 manats. This is due to the low purchasing power of the population," Asadov said.
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