BAKU, Azerbaijan, August 9. The prices for commercial facilities in Baku grew by 15.94 percent in June 2023 over the year, CEO Nusrat Ibrahimov of Azerbaijan's MBA (Marketing, Business, and Analysis) Consulting Group told Trend.
At the same time, commercial property prices in Azerbaijan's capital grew by 6.39 percent on a monthly basis.
"In June 2023, the average cost of one square meter of commercial facilities was 3,796 manat ($2,230), and the total offer volume was 752 (a 19.94 percent increase over the previous month)," Ibrahimov explained.
In terms of the cost of land plots in Baku, this section of the market has seen an annual increase.
"In June 2023, the average price of 100 square meters of land plot was 25,804 manat ($15,180). On an annual basis, this figure increased by 36.74 percent, and a decrease of 4.37 percent was recorded over the month. Total offers grew by 3.5 percent against the previous month and by 10.45 percent year over year, up to 740," the CEO added.
As of January 1, 2023, the average cost of one square meter of commercial space was 3,037 manat ($1,790), and the total volume of proposals was 648.
