Baku housing market expects rise in prices
Baku, Fineko/abc.az. The prices on the real estate market of Baku grew by 1.34% in March.
Nusret Ibrahimov, general director of consulting company MBA Group, informs that in March prices rose by 1.2% versus early 2012 and by 6% against March 2011.
"Prices in the primary housing market of Baku in March rose by 5.3% from $828 up to $872 per sq m. Prices increased by 2% at the primary market by early 2012 and by 6% against the same term of last year. The secondary market also showed an increase of 2.65% - from $1,395 up to 1,432 per sq m. Since the beginning of 2012 the prices on this market segment grew by 3.8% and by 8.5% versus Jan-Mar 2011," Ibrahimov said.
He added that the Baku land market in March showed a price rise of 7.9% - from $20,087 to $21,679, the market for commercial buildings - a decline of 8.2% from $3,431 to $3,148, the market rent of commercial buildings - an increase of 2% from $19.5 per sq m up to $19.9.
"Prices for rental apartments dropped by 1.6% from $10.77 per sq m to $10.06," Ibrahimov said.
In expert’s view, now the real estate market has stabilized, and the rise in prices is inevitable.
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