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Land parcel price drops 3.2% in Baku

Land parcel price drops 3.2% in Baku

24 June 2009 15:41 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The average price of parcel fell by 3.2% on month or from $20 079 to $20 743 per 100 square meters in Baku in May, said Property Market Participants Union.

Out of the 813.2 hectares offered for sale, 77.0% were vacant areas and the rest were non-residential and previously used residential areas.

Parcel exposure time increased by 2.2% to 226 days.

In May, the highest price for land was in Nerimanov District ($320 000 per per 100 square meters) and the lowest price was in Sabunchu District ($350 per 100 square meters)

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

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