Baku real estate market prices grew by 1.2% in April
Baku, Fineko/abc.az. In April the Baku real estate market observed a price rise by 1.2%. At that, the prices grew by 3.54% since early 2013 and by 7.8% versus the 2012 same term.
MBA Group consulting company’s general director Nusret Ibrahimov says that in April prices on the primary housing market of Baku grew by 9.6% from $914 up to $977 per sq m and by 14.68% against last year’s same term.
“Prices on the secondary housing market grew by 2.34% from $1,582 up to $1,619 per sq m. Prices increased by 7.36% against early 2013 and by 12.64% versus last April. Growth of prices was registered in April on the land market of Baku where they increased by 3.5% from $19,026 up to $19,606 per are. By early 2013 prices in this segment of the market rose by 5.049% and during the year they fall on land by 10.9%,” Ibrahimov said.
Prices for commercial sites grew a little last month by 0.09% from $3,437 up to 3,440 per sq m. By early 2013 the prices increased by 3.87% and for the year declined by 1.44%.
Rental rates of commercial properties also dropped from $20.33 to $19.4 per sq m or by 4.58%. Prices decreased by 3.7% against early 2013 and by 4.54% versus same term of 2012.
The rent of apartments declined by 0.62% in April from 11.35 to $11.28 per sq m. The rent fell by 2.26% compared to early 2013 and grew by 1.6% against the 2012 relevant term.
"The cause of increase in housing prices is not even artificial by psychological factor, as sellers of property estimate their property unprofessionally, depending on the price of the neighboring apartment. Prices for non-residential facilities have fallen because of their size and low profitability," Ibrahimov said.
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