In November Baku real estate market prices fell almost by 1%
Baku, Fineko/abc.az. This November the Baku real estate market experienced a price decline by 0.91%.
MBA Group consulting company’s general director Nusret Ibrahimov says that since early 2012 market prices rose by 2.63% and by 4.85% versus the 2011 same term figure.
"In November prices on the primary housing market of Baku increased by 0.34% from $884 up to 887 per sq m, since early 2012 growth of prices by 3.75% was registered compared to the 2011 same term index of 1.96%," he said.
According to Ibrahimov, prices also grew by 0.27% on the secondary housing market from $1,489 up to $1,993 per sq m. Since early 2012 prices have risen by 8.19% and for the year by 6.34%.
In November the capital’s land market observed a 6.19% price decline from $20,567 to $19,292 per are, by 4.44% since early 2012, and by 3.91% against November 2011.
“The decline on the land market of Baku is linked with the reduction of construction because of winter season,” Ibrahimov said.
Prices for commercial sites grew last month by 0.64% to $3,283 per sq m on average, grew by 8.12% since early 2012, and by 11.63% for the year. Rental rates of commercial properties increased from $2,041 sq m up to $2,056 sq m by 0.74%, by 0.2% since early 2012, and by 5.98% for the year.
Rental housing prices decreased in November by 1.23% from $1,138 sq m to $1,124 sq m. The rent of apartments dropped by 1.23% in November, grew by 0.367% since early 2012 and by 7.5% compared to the 2011 same period.
"This year, as it was predicted in early 2012, the market growth will be 5-6%. This index is a trend of stabilization of the capital’s housing market,” Ibrahimov said.
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