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Average price rise 4.2% on Baku Real Estate Market

08 February 2007 08:52 (UTC +04:00)

The supply portfolio dipped in real estate market from early January, Azeri Real Estate Index rose 5.8 or 2.35% to settle at 254.7, the Public Union of the Real Estate Market Participants told the APA.
Average price rise in real estate supply reached 4.2%, the difference (1.9%) between Index and average price resulted from high-priced housing on the market.
Average price increase on the second housing market was 5% in January, considerably up from the same period last year (0.6%). This rise fell from a 7.2%-rise in December, 2006 to the lows for three years.
The highest prices were recorded in the â€œArchitectureâ€? in December while prices remained stable in January. The maximum price rise was registered in â€œLeningradâ€? (9.7%) buildings in January.
In the market supply the percentage of newly built buildings rose to 26.4% from 15.3%, â€œLeningradâ€? apartments fell to 18.8% from 25.8%. The prices mostly went up in the districts of Binagadi (7.5%) and Nizami (6.2%), price rise was more dynamic in the district of Yasamal.
The average price of country houses constituted $119,770, up 13.2% from last year.
The supply portfolio reduced on the first market in January. The average price rise for this month was 6.3% (0.7% last year) and the average price reached $731/sq m in Baku.
Land market rose 4%, the price of land per hundred square meter was $19,045.
The price went up by 2.8% on the rented house market. Commercial market rose 2.2% to $2,168 per sq m.
The price on the leasing market rose 5.1% to $20.5/sq m. In January leasing-ratio-to-sales was 10.8% for the latter. /APA/