Turnover of real estate market in Azerbaijan grew by 25% up to AZN 3 bn and income of mediators by 2.3 times
Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that turnover of country’s residential property market for 2012 increased by 24.86% against 2011.
According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 2.828 bn by 1 January 2013 versus AZN 2.265 bn a year earlier.
At the same time transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.599 bn by 1 January 2013 versus AZN 1.2 bn a year earlier (+31.81%), and the withdrawals from these accounts AZN 1.228 bn versus AZN 1.05 bn (+16.84%).
The CBA reports of an increase in revenues mediators (banks, notary’s offices and realtors) for residential real estate transactions by 2.29 times. As of 1 January 2013 mediators’ earnings were AZN 371.307 million versus AZN 162.3 million a year earlier.
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