Trend:
In August, prices for secondary housing in Baku amounted to $943
per square meter, which is a 1.57 percent decrease compared to
July, Director General of the MBA Group consulting company and a
real estate expert Nusrat Ibrahimov told Trend
He said that since the beginning of the year, prices in the
secondary housing market decreased by 3.87 percent, and increased
by 2.17 percent when compared to prices to the end of August
2017.
"In general, the average area offer in the market was 131.74
square meters," Ibrahimov said. "Thus, the average cost of
apartments offered in the market reached $124,230. The average room
offer last month was 3.14 rooms. Rental price of the apartments
averaged $526, with a monthly yield of 0.42 percent."
Touching on other main segments of the real estate market, the
expert noted that prices in the land market showed growth, while
prices in the commercial property market declined.
"Thus, in August, prices in the land market grew 0.24 percent
compared to July, and a 7.41 percent growth was observed since the
beginning of the year," Ibrahimov said. "This is while a 12.04
percent growth in prices in the land market was observed compared
to the same period last year. In turn, in the commercial property
market, prices decreased by 0.72 percent for the month, by 0.95
percent since the beginning of the year, and by 5.89 percent in
comparison with August 2017."
The expert noted that in connection with the approach of autumn,
the cost of suburban and country houses decreased slightly. The
expert added that in August, the average price was $114,960, which
is 0.49 percent less than last month, and since the beginning of
the year prices have grown 28.92 percent.
"The average area of the country houses offered in the market
in August was 209 square meters," Ibrahimov said. "This indicator
increased by 6.09 percent compared to the previous month and by
19.02 percent since the beginning of the year."