BAKU, Azerbaijan, November 14. Prices for commercial real estate in Baku increased by 17.94 percent in September 2023 year-on-year, director of MBA Group consulting company Nusret Ibragimov said, Trend reports.
At the same time, the growth in prices for commercial properties in Baku amounted to 8.61 percent on a month-on-month basis.
"The average cost of one square meter of area of commercial properties in September 2023 was 3,747 manat ($2,204), while the volume of offers was 767 (18.73 percent growth for the year, 2.4 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 28,265 manat ($16,626) in September 2023. This indicator grew by 22.21 percent year-on-year and fell by 3.22 percent for the month. The volume of offers amounted to 762 (4.96 percent growth for a month and 14.76 percent for a year)," he added.
The average cost of one square meter of the area of commercial properties was 3,037 manat ($1,786), the total volume of offers was 648 on January 1, 2023.
