Baku, Azerbaijan, May 7
By Matanat Nasibova – Trend:
The cost of housing in the secondary market of Baku slightly dropped by 1.7 percent in March 2020 compared to February, and on an annualized basis – by 0.71 percent, Director of the Azerbaijani MBA Group consulting company Nusrat Ibrahimov told Trend.
In March 2020, the price of apartments on the secondary housing market amounted to $977 per square meter. On an annualized basis, the average price of apartments in the secondary market increased by 2.05 percent.
In March 2020, the total volume of proposals in the secondary housing market decreased by 8.16 percent, and on an annualized basis, this figure increased by 12.9 percent. Meanwhile, the average cost of housing in the secondary market amounted to $660 per square meter. The cost of one square meter of a one-room apartment was $520, a five-room apartment - $1,100. Among the expensive apartments on the secondary market, a decrease of 1.2 percent was observed on annualized basis.
In the reporting month, the average price of housing in the primary market decreased by 0.15 percent, and increased by 2.29 percent year-on-year. The total volume of proposals in the primary housing market decreased by 3.14 percent, and on an annualized basis - by 4.2 percent. In the primary market, the price of apartments decreased by 0, 54 percent, and year-on-year rose by 2, 29 percent.
The cost of one square meter of housing in the primary market amounted to $761, and an annual increase of 2.76 percent was observed.
As for proposals on the secondary real estate market, the majority of housing (40 percent) was made up of three-room apartments, followed by two-room (29 percent) and one-room (19 percent) apartments.
Multi-room apartments (four rooms and above) accounted for over 17 percent of the proposals.
The largest number of apartments offered for sale in Baku in the secondary segment was in Yasamal district with a share of 30 percent, Khatai district - 14 percent, Nasimi district - 11 percent, Narimanov and Binagadi districts - 17 percent.
The remaining districts of Baku accounted for less than 2 percent of all proposals in the secondary housing market.
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