BAKU, Azerbaijan, December 26. The prices for private and country houses in Baku in November 2022 decreased, the CEO of Azerbaijan’s MBA (Marketing, Business and Analysis) Consulting Group company Nusrat Ibrahimov told Trend.
"The cost of renting one square meter of private and country houses in November 2022 decreased by 19.29 percent compared to the previous month and by 4.74 percent on an annual basis, to 5.23 manat ($3.08)," said Ibrahimov.
The average price of house rentals in Baku decreased by 6.03 percent compared to the previous month and totaled 1,216 manat or $720 (against 1,294 manat or $760), and by 14.37 percent on an annual basis (against 1,420 manat or $840).
According to Ibrahimov, the total volume of offers in the private and country house rental market in November 2022 decreased by 5.9 percent compared to the previous month and increased by 29.05 percent year-on-year, to 542.
Speaking about commercial property rental, Ibrahimov noted that the average price for renting commercial properties also declined.
"The cost of one square meter of the commercial facilities in November 2022 increased by 1.57 percent compared to the previous month and decreased by 8.99 percent year-on-year, to 16.2 manat ($9.5)," he said.
According to him, the average cost of renting commercial properties in Baku totaled 4,049 manat which is 13.24 percent less than in the previous month (4,667 manat or $2,750), and 20.69 percent more compared to the previous year (3,355 manat or $1.970).
The overall number of offers on the commercial property market totaled 701.