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Prices in Bakuâ€™s land market hit 18-months high

Prices in Bakuâ€™s land market hit 18-months high

30 May 2012 07:58 (UTC +04:00)

The average cost of land rose 0.6% in April - from $14.875 to $14.966 per hundred. Thus, the price of land in Baku hit 18-month high. The main reason for higher prices was the demolition of old buildings, especially in the city center, resulting in increased demand for private homes and land with the finished documents.

In April, prices increased most in Garadagh (2.1%). Currently, the most active districts in land market of Baku are Binagadi and Garadagh, the most passive district â€“ Narimanov. In April, the most expensive land in the market occurred in Nasimi district (near a tea factory, $350,000 per one hundred square meters), the cheapest - in the Absheron region (Pirekushkul village, $350 per one hundred square meters).

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