Azerbaijan, Baku, Feb. 22 / Trend U. Ismayilova /
Azerbaijan estimates 2010 as a year of stabilization of real estate market, expert, "MBA Group" consulting company director general Nusret Ibrahimov said.
"During the year there will be no significant changes in prices, and intensification of the market", Ibragimov said.
According to him, by late 2010 the prices on the real estate market of the country will remain at the level of early 2010 or increase 2-3 percent.
Talking about the market activity, the expert said that no changes are expected in this direction by late 2010. After a decline in the first half of the year, the interest in real estate will rise to the level of early 2010.
According to MBA Group's calculations, activity of Baku's real estate market in January fell by 1.8 percent. Increase of activity by 1,1 percent was observed only on the housing market. In January, a square meter of primary residence in Baku fell by 0.1 percent from $837 in December 2009 to $836 in January.
Prices on the secondary housing market rose by 3.7 percent, from $1,306 to $1,358 per square meter. The cost of apartments on the secondary market was an average of $102,527 compared to $101,698 in December with growth of 0.82 percent. The area of secondary housing is decreased by 9 percent from 82.9 square meters to 75 square meters. Room rate also fell from 2,46 to 2,36.
Average prices on Baku's land market reduced 1.26 percent, from $17,369 to $17,151. The prices on commercial facilities market also fell by 1.95 percent, from $3,542 to $3,473.
The average price for renting an apartment for a month has fallen by 3.11 percent from $752 to $729 on the rental market. A price per square meter of nonresidential facility also fell to 5.8 percent, from $22.2 to $20.9.