BAKU, Azerbaijan, Dec. 26
By Matanat Nasibova - Trend:
In November 2019, the cost of housing in the secondary market of Baku decreased by 2.3 percent compared to October this year, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend.
On an annualized basis, this indicator increased by 0.5 percent, Ibrahimov said.
“In November 2019, the price of apartments on the secondary housing market amounted to $943 per square meter, and a year ago this figure was $974,” the director noted. “On an annualized basis, the average price of apartments decreased by 3.1 percent. There were a total of 1,791 offers in the secondary housing market in November 2019, while there were 2,164 offers in November 2018.”
According to estimates, the volume of proposals decreased year-on-year by 5.6 percent, Ibrahimov added.
“At the same time, the average cost of housing in the secondary market amounted to $895 per square meter,” said the director. “The cost of one square meter of a one-room apartment was $946, a five-room apartment - $980. In the reporting month of last year, the cost of one square meter of a one-room apartment was $915, and a multi-room apartment – $1,020.”
Among the expensive apartments on the secondary market, an annual decrease in price of 1.3 percent was noted, Ibrahimov noted.
“At the same time, the average price of housing in the primary market amounted to $750 per square meter in November 2019, and $741 in 2018,” said the director. “On an annualized basis, this indicator increased by 1.2 percent. There were a total of 626 offers in the primary housing market in November this year, while there were 853 offers in the reporting month of last year.”
In the primary market, the average cost of one square meter of housing in a one-room apartment in November 2019 was $741, and last year this indicator in the reporting month was $580 per square meter of housing, Ibrahimov added.
“On an annualized basis, an increase of 1.1 percent is observed,” the director noted. “As for offers on the secondary real estate market, this year the major part of housing (38 percent) accounted for three-room apartments, followed by two-room (31 percent) and one-room (14 percent) apartments.”
Multi-room apartments (four rooms and more) accounted for 17 percent of the proposals, Ibrahimov said.
“The biggest number of apartments offered for sale in Baku in the secondary segment accounted for Yasamal district - 25 percent, Khatai district - 18 percent, Nasimi district - 13 percent, Narimanov and Binagadi districts - 15 percent each,” the director noted. “The remaining districts of Baku account for about 4 percent of all offers in the secondary housing market.”