More non-residential premises put for sale in Baku
By Fatma Babayeva
Prices in commercial real estate market in Baku fell against the backdrop of the growing offers for sale during the first quarter of 2016.
The number of commercial properties for sale in Baku increased by 20.5 percent in February 2016 compared to January of the same year, reported consulting company MBA Group.
The portfolio of offerings has grown due to the lower activities and prices for non-residential facilities in the market.
Increase in the number for sale of commercial properties (from 79 to 95) can be considered normal given to the decline in the purchasing power of the population, said the statement of MBA Group.
The portfolio of offerings has not changed much within the recent months. As before, its main part (45.5 per cent) is formed by so-called empty facilities (type of facilities with uncertain designation, which can be used as an office, shop or for other purposes), 38.2 percent for service facilities, 10.9 percent for shops, 5.4 percent for offices and basements.
The average area size of the commercial facilities decreased by 14.1 percent to 174.38 square meters within a month. In Baku, the largest non-residential premises was registered in Binagadi district (empty facility with 1,730 square meters), the smallest is located in Nasimi district (empty facility with 10 square meters).
Fluctuations in market prices and dynamic activity have not led to an increase in exposure time for sale of facilities. Exposure time for sale of commercial premises amounted to 335 days during the last month.
The price per square meter of non-residential facility decreased by 2.61 percent (in US dollars) on monthly basis (as compared to October 2015) to $2802. The price index decreased by 36.6 percent a year and by 2.6 percent a month.
---
Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva
Follow us on Twitter @AzerNewsAz