Realtors: Baku housing market stagnates

21.11.2022,12:19


November 21, Fineko/abc.az. The situation on the housing market in Baku has stalled compared with previous months, ABC.AZ reports with reference to realtors.

According to the latter, compared with September and October, home sales decreased in November.

"Firstly, a lot of people arrived in Azerbaijan from Russia in September. Most of the visitors sought to buy housing here, there were cases when people bought an apartment in Baku and returned back to Russia. This is also due to the fact that money in Russia is depreciating every day. And our compatriots invest their money in real estate in Baku. In fact, this is a reasonable investment. But, on the one hand, it was a sharp jump in prices on the housing market in Baku. And now not as many people come to Baku from Russia as before. Including those who want to buy housing here has become less. Therefore, now the housing market is experiencing stagnation," realtors explain the situation.