Azerbaijan, Baku, Feb.18 /Trend A.Akhundov/
The process of prices stabilising in Baku's land market which began in January is continuing, CEO of consulting company MBA Group Nusret Ibrahimov told Trend.
"The average price of 100 square metre of land in Baku declined by 0.1 percent, amounting to $20.167 in January," Mr Ibragimov said.
Demand was high in the central and outside these areas and relative stability of the price index was observed in non-residential land.
"In general, a supply shortage in the city centre is expected. It is due to the reduction in the centre area of land," he said.
Mr Ibragimov referred to the process of clearing Binagadi, Narimanov and Nizami, which were once industrial centres of the city, from the remnants of industrial sites and the beginning of the construction of residential, sports and shopping centres, affects the price of a land.
"The process of changing locations of the active zones in varying degrees, affects the rate of change in prices for land," Mr. Ibragimov said.
|
Zones |
The price of 1 hundred square meter of land in dollars in Dec. 2011 |
The price of 1 hundred square meter of land in dollars in Jan. 2012 |
The average price change in percentage |
|
I zone |
308 807 |
308 546 |
-0,1 |
|
II zone |
192 042 |
193 544 |
0,8 |
|
III zone |
22 978 |
22 953 |
-0,1 |
|
IV zone |
4 961 |
4 892 |
-1,4 |
Mr. Ibragimov noted that the most expensive site offered on the market is the area of Sabail district ($390,000 per 100 square meters), whilst the cheapest is in the Khazar district ($385 dollars per 100 square meters.)