Bank Of Baku

Land parcel prices drop 3.2% in Baku

Land parcel prices drop 3.2% in Baku
# 21 April 2009 12:53 (UTC +04:00)
Baku. Rashad Suleymanov - APA-Economics. The average price of parcel fell by 3.2% year-on-year or from $22 341 to $21 630 in Baku in March, said Property Market Participants Union.

Out of the 812.4 hectares offered for sale, 76.9% were vacant areas and the rest were non-residential and previously used residential areas.

Parcel exposure time increased by 1.8% to 215 days.

The passive situation in the real estate market can be attributed to the influence of the global financial crisis and the mismatch of supply and demand.
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