BAKU, Azerbaijan, Jan. 16
By Eldar Janashvili – Trend:
In December 2019, the cost of housing in Baku’s secondary market increased by over 2 percent compared to November this year, Director of the Azerbaijani MBA Group consulting company Nusrat Ibrahimov told Trend.
“In December 2019, the price of apartments in the secondary housing market amounted to $924 per square meter and a year ago this figure was $952,” the director noted. “On an annual basis, the average price of apartments decreased by 2.9 percent.”
“The average price of housing in the primary market amounted to $734 per square meter in December 2019 and $786 in 2018,” the director said. “On an annual basis, this indicator decreased by 6.6 percent.”
“The prices of land plots increased by 0.04 percent in December and by 2.5 percent for the year,” Ibrahimov added. “The prices of private houses remained unchanged in December 2019 but decreased by 7.4 percent on an annualized basis.”
“In December 2019, the prices of commercial properties decreased by 1.6 percent,” the director said. “The prices increased by 5.6 percent compared to December 2018.”
“A decrease of 1.73 percent was observed in the rental housing market last month, while growth in prices of rental commercial properties amounted to 1.2 percent,” the director said.
“At the same time, on an annual basis, rental housing prices increased by 10.5 percent while prices of rental commercial properties - by 5.6 percent,” the director said. “The prices of building materials increased by 0.3 percent in December while on an annualized basis - decreased by 6.2 percent.”
“In general, prices in the real estate market decreased by 0.2 percent over the past month while over the year by 0.62 percent,” Ibrahimov said.
“This decline is seasonal,” the director said. “December as a whole turned out to be unfavorable for construction, which contributed to a certain decrease in prices.”
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