According to the Azerbaijani State Statistics Committee, housing commissioning decreased by 7.9 percent in Azerbaijan in January-October 2016 compared to the same period of 2015.
Some 168,300 square meters of housing were commissioned in Azerbaijan in October 2016 compared to 153,600 square meters in October 2015.
Some 1,373.8 square meters of housing were commissioned in Azerbaijan in January-October 2016 compared to 1,491 square meters in the same period of 2015.
Some 68.5 percent of the total volume of construction work accounted for primary construction, reconstruction and expansion, 11.5 percent - overhaul, 3.8 percent - current repair and 16.2 percent - other construction work.
Some 86.7 percent of the total volume of construction work was carried out by non-state construction companies.
Real estate market
According to the Center for Strategic Studies under the AS Group Investment, as of October 2016, 1,400 manat per square meter was observed on the secondary housing market of Baku, while on the primary market – 1,318 manat per square meter.
As of October, more than 60 construction projects are being implemented in Baku, Khirdalan and Masazir.
The real estate prices have reduced on Baku’s primary market except for some projects since early 2016 and then increased.
The manat prices on the secondary market remained unchanged compared to 2015.
In particular, 41 percent accounted for apartments in new buildings in the amount of 70,000 manat -120,000 manat, 40 percent - apartments in the amount of 90,000 manat – 120,000 manat. In particular, 51 percent account for apartments in the amount of 50,000 manat – 90,000 manat in the buildings built in Soviet period.
The highest price per square meter (1,516 manat) was observed in 5-room apartments in new buildings, while 1-room apartment – 1,584 manat in the buildings built in the Soviet period.
The cheapest square meter in new buildings (1,341 manat) accounted for two-room apartments, while 5-room apartments (1,169 manat) in the buildings built in Soviet period.
Some 61 percent accounted for the buildings built in the Soviet period, 39 percent for new buildings in 2015, while 57 percent and 43 percent accordingly in 2016.