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Land parcel price drops 7% on average in Baku

Land parcel price drops 7% on average in Baku

14 September 2009 15:22 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The average price of parcel fell by 7% on month or from $18 791 to $17 474 per 100 square meters in Baku in August, said Property Market Participants Union.

Out of the 820.8 hectares offered for sale, 76.1% were vacant areas and the rest were non-residential and previously used residential areas.

Parcel exposure time increased by 1.3% to 237 days.

In August, the highest price for land was in Nesimi District ($250 000 per 100 square meters) and the lowest price was in Surakhani District ($250 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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