Baku real estate market prices fall by 1.4%
Baku, Fineko/abc.az. In February the Baku real estate market observed a price decline by 1.4%, and reduction of prices compared the same period of 2012 also totaled 1.4%.
MBA Group consulting company’s general director Nusret Ibrahimov says that in February prices on the primary housing market of Baku decreased by 0.8% from $889 up to 882 per sq m, and against last year’s same term the prices grew by 4.1%.
“Prices on the secondary housing market grew by 0.8% from $1,508 up to $1,520 per sq m. Compared to February 2012, prices increased by 6.3%,” Ibrahimov said.
He added that a grave fall of prices was registered in February on the land market of Baku where they dropped by 2.6% for month and by 10.2% for the year - from $18,586 to $18,107 per are.
Prices for commercial sites grew last month did not change and totaled $3,312 per sq m. At that, prices on this segment of the market fell by 5.7%.
Rental rates of commercial properties dropped from $21 to $20.15 per sq m or by 0.6%. For the year prices also have decreased by 2.5%.
The rent of apartments declined by 6.7% in February from 11.54 up to $10.7 per sq m. The rent fell by 0.6% compared to the same term of 2012.
"Growth of prices by 5-6% is expected in 2013, as well as in 2012,” Ibrahimov said.
Following 2012 the expert also predicted a 5-6% rise of the entire market, although the real indicator made up 3.1%.
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