Azernews.Az

A positive trend has been observed in the real estate market of the Azerbaijani capital Baku, as increased activity and market recovery are driving up prices, CEO of consulting company MBA LTD, Nusrat Ibrahimov, said.

Ibrahimov told local news agency Trend that the activity in the housing market has grown 25 percent in 2011 and in the past months of 2012 compared to 2009 and 2010.

However the market is still experiencing redundancy proposals. Nonetheless, the amount of property that would satisfy potential buyers is gradually decreasing, Ibrahimov added.

``There is an ongoing process of more [increasing number of] market participants. Credit institutions are trying to build policy in accordance with the requirements of the market. However, construction and insurance companies still face difficulties in meeting the momentum of the market,`` Ibrahimov said.

He noted that it will be possible to witness minor growth in the real estate market in 2013 due to the expectations of the completion of the global crisis before the end of 2012.

``The impact of the global financial crisis on the real estate market in Azerbaijan began to be sensed in mid-2007, but today`s figures confirm the end of the world`s instability period of 2010-2012. Accordingly, in 2013 we will be able to confirm this through a small, but growing real estate market in the country,`` Ibrahimov said.