Azerbaijan, Baku, June 25 / Trend U.Ismayilova /
Average price for land in Baku reduced by 1.1 percent up $14,108 In May compared to $14,256 in April, "Participants of property market" public organization said.
"The price decline was observed in almost all districts of the city, which is mainly linked with the excess of the offered prices over the real price," the organization said.
Based on the organization's data, the highest prices for land in the central part of the city led to a decline in demand in the first and second zones of the city, as well as parallel to lower prices.
The most significant price-cutting by 1.4 percent was in the Sabail district of Baku. The land prices in the Khazar (former Azizbayov) district of Baku increased by 0.2 percent in connection with the summer season. The most active districts in May were Bingadi and Nizami.
The most expensive land in May was proposed in Nasimi district of Baku at $250,000 per one hundred square meters, the cheapest - in the Absheron area costs $350 per hundred square meters.
About 800.1 acres of land was proposed to the land market of Baku in May, of which 77.6 percent were vacant lots, the organization said.
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