Turnover of real estate market in Azerbaijan grew by 40% up to AZN 900 million for past quarter
Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that turnover of country’s residential property market for 1st quarter of 2013 increased by 40.1% against the same term of 2012. In 2012 the index grew by 24.86% against 2011.
According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 882.75 bn by 1 April 2013 versus AZN 629.947 million a year earlier.
At the same time transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 390.815 million by 1 April 2013 versus AZN 259.715 million a year earlier (+50.48%), and the withdrawals from these accounts AZN 491.936 million versus AZN 370.2 million (+32.87%).
At that, the CBA reports of a decline in revenues of mediators (banks, notary’s offices and realtors) for residential real estate transactions by 8.5% in the 1st quarter 2013. As of 1 April 2013 mediators’ earnings were AZN 101.1 million versus AZN 110.517 million a year earlier.
In 2012 turnover of residential property totaled AZN 2.828 bn versus AZN 2.265 bn in 2011.
At that, transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.599 bn 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%). Last year mediators’ earnings grew 2.29-fold up to AZN 371.307 million versus AZN 162.3 million a year earlier
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