Housing prices set to climb
The prices for housing in Azerbaijan are predicted to grow 25%
by the year-end. Those working in the construction sector explain
the hike by the 36% increase in the cost of construction materials
registered in January-March 2007.
Contractors say that the prices for metal fittings and concrete
have risen the most of late. The cost of a ton of fittings has
increased $400 compared to early March.
987 of the 1,987 buildings commissioned last year were residential
buildings. Industry experts say that despite a high demand for
housing in the country, domestic production is lagging behind,
which is driving up prices.
Entrepreneurs predict that the average price per square meter of
dwelling space in the center of Baku will reach 2,000 manats (about
$2,400) soon.
Reports say that since the first quarter of 2008, sales of space in
new and fashionable buildings have increased, with foreign
nationals among buyers.
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