BAKU, Azerbaijan, September 12. Prices for commercial objects in Baku in July 2023 increased by 8.18 percent year-on-year, director of MBA Group consulting company Nusret Ibragimov said, Trend reports.
At the same time, the decline in prices for commercial properties in Baku amounted to 2.1 percent on a month-on-month basis.
"The average cost of one square meter of area of commercial objects in July 2023 was 3,450 manat ($2,029), while the volume of offers was 749 (19.65 percent growth for the year, 1.35 percent for the month)," Ibrahimov said.
As for the cost of land plots in Baku, year-on-year growth was recorded in this segment of the market.
"The average price of one hectare of land amounted to 29,206 manat ($17,180) in July 2023. This indicator grew by 24.38 percent year-on-year and by 18.34 percent for the month. The volume of offers amounted to 726 (2.16 percent decline for a month and 9.67 percent growth for a year)," he added.
As of January 1, 2023, the average cost of one square meter of the area of commercial objects was 3,037 manat ($1,786), the total volume of offers was 648.
