Azerbaijan sees a drop in new apartment buildings

Azerbaijan sees a drop in new apartment buildings
# 26 May 2009 14:07 (UTC +04:00)
Baku. Elnur Huseynguluyev - APA-Economics. As at May 1, the number of under-construction buildings dropped to 454 from 461 a month ago, according to a survey by Property Market Participants.

Experts say a passive situation in the real estate market can be attributed to the influence of the global financial crisis and the completion of some constructions.

According to the survey, the rate of construction continued to decline as construction work in 10 buildings was completed and construction of 3 buildings was launched during April.

Construction of 454 buildings is being carried out by 178 construction and development companies in April as against 461 buildings by 189 companies in March.

Most new buildings are constructed in Yasamal district, as well as in Nizami and Khatai districts. The proportion of these 3 areas in the supply was 62.3% in April.

The price of an average apartment by 1.9% to $987 / sq.m in April from $1006/sq.m in March. Price index fell by 7.4 points to 374.7.
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