Baku real estate market prices fall by 0.8%
Baku, Fineko/abc.az. In March the Baku real estate market observed a price decline by 0.8%. At that, the prices grew by 0.8% against early 2013 and by 3.27% versus the 2012 same term.
MBA Group consulting company’s general director Nusret Ibrahimov says that in March prices on the primary housing market of Baku decreased by 0.87% from $992 up to $914 per sq m and by 4.82% against last year’s same term.
“Prices on the secondary housing market grew by 0.44% from $1,575 up to $1,582 per sq m. Prices increased by 4.91% against early 2013 and by 10.48% versus last March. Growth of prices was registered in March on the land market of Baku where they increased by 3.36% from $18,409 up to $19,026 per are,” Ibrahimov said.
Prices for commercial sites dropped last month by 2.83% from $3,537 to 3,437 per sq m. At that, prices on this segment of the market rose by 3.78% versus early 2013 and by 2.88% against last March.
Rental rates of commercial properties grew from $19.75 up to $20.33 per sq m or by 2.94%. Prices dropped by 3.33% against early 2013 and by 5% versus same term of 2012.
The rent of apartments declined by 3.9% in March from 11.81 to $11.35 per sq m. The rent fell by 1.65% compared to early 2013 and grew by 7.08% against the 2012 relevant term.
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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