Azerbaijan, Baku, Oct. 4 / Trend , A.Akhundov /
The average cost on property and rental housing for commercial purposes decreased by 0.1 percent and 0.2 percent on the non-residential facility market in Baku in August, NGO Property Market Participants reported.
The number of purchase and sale commercial property transactions decreased by 0.9 percent in August. Proposals in August increased by 1.8 percent.
"The main reason for growth in proposals is linked with an increase in the rate of return on this segment, and reducing the risks that lead to the gradual entry of new non-residential facilities to market," the report reads.
The average price of a non-residential facility amounted to $2.877 per square meter in Baku in August. According to the research, compared to the same period of 2010, the price decreased by 2 percent and by 0.8 percent compared to the previous quarter.
The share of non-residential buildings, proposed on the market below the average price ($2,877 per hundred sq/m) amounted to 52.4 percent of the market portfolio.
The price on the non-residential facilities did not increase in any districts of Baku in August The most significant decline occurred in Surakhani district - by 0.5 percent.
The non-residential areas mainly composed of private buildings and apartments on the first and second floors of buildings in August as in July.
The number of proposed non-residential areas in the market increased by 1.8 percent.
"The decline in market prices and relative decrease of the dynamics in this segment, low volume of proposal led to increased exposure time by 0.8 percent," the report reads.