Housing prices down 5%
Activity slowed down in the real estate market of
Baku in September-November and challenges emerged with the sale of
new properties, dragging down prices for newly-built apartments by
an average of 5%, experts said.
Industry analysts say troubles in the real estate market of the capital have, so far, chiefly affected realtors, and it currently takes companies in the field seven to eight months to sell an apartment.
20 realtor companies have already halted operations in the past few months in light of the crisis.
If the crisis persists, it could have more tangible ramifications, experts say. Thus, projections suggest that the global financial and credit crunch will continue to affect the real estate market of Baku in the coming months, causing a further fall in prices for immovables.
Industry analysts say troubles in the real estate market of the capital have, so far, chiefly affected realtors, and it currently takes companies in the field seven to eight months to sell an apartment.
20 realtor companies have already halted operations in the past few months in light of the crisis.
If the crisis persists, it could have more tangible ramifications, experts say. Thus, projections suggest that the global financial and credit crunch will continue to affect the real estate market of Baku in the coming months, causing a further fall in prices for immovables.
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