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Average price of 100 square metre of land in Baku exceeds $20 thousand

Business Materials 18 February 2012 12:35 (UTC +04:00)

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.)

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