BAKU, Azerbaijan, December 8. Prices for commercial properties in Baku decreased by 1.61 percent in October 2022 compared to the previous month and by 10.69 percent compared to the same period of the previous year, the Director of MBA Group consulting company Nusrat Ibrahimov told Trend.
"The cost of one square meter of the commercial facilities amounted to 3,126 manat ($1,840) in October this year (against 3,177 manat or $1,870 - in September 2022, and 3,420 manat or $2,011 - in October 2021)," the company said.
Meanwhile, the total volume of offers on the commercial property market decreased by 0.93 percent compared to the previous month and increased by 25 percent year-on-year, up to 640.
The growth in the cost of land plots in Baku was also recorded in the market.
"The average price of 100 square meters of land was 25,474 manat ($14,980) in October 2022. This figure grew by 34.94 percent on an annual basis, and rose by 10.14 percent over the month," said Ibrahimov.
The total volume of offers on the land market in October 2022 increased by 9.04 percent compared to the previous month, and year-on-year - by 39.5 percent, to 724.