Azerbaijan, Baku, Feb.25 /Trend A.Akhundov/
There was an increase of activity in the segment of real estate market of Baku (primary and secondary markets, the land market, private houses, non-residential facilities) in 2011, the Central Bank said on Saturday.
"The prices at secondary housing market increased by 8.4 percent, the primary - by 5.3 percent in 2011. Price per square meter at secondary housing market declined by 14.2 percent, the primary - by 23.5 percent compared to 2008. At the same time, rents for residential properties decreased by 2.4 percent, commercial buildings - by 5.8 percent," the CBA said.
Generally, last year can be characterized as a period of stabilization of prices in the market.
Slight increase was recorded in transactions in the primary and secondary real estate markets in 2011, CBA said.
"Today, the majority of bank loans accounts for real estate. Thus, the stability of the real estate market can be assessed as a positive factor in terms of financial stability" the CBA says.