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Arif Garashov calls for price regulation in Azerbaijan real estate market

Arif Garashov calls for price regulation in Azerbaijan real estate market

26 November 2008 13:36 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. The world financial crisis has not affected the real estate market to a large extent in Azerbaijan, said Arif Garashov, Chairman of Azerbaijan Real Estate Registry Service.
He said the financial crisis has affected the trends of real estate market by 10-15%.
â€œIn other countries such as Russia and Turkey, this trend is 30-40%. On the one hand it is commendable, on the other hand, the fact that prices didnâ€™t drop led to stagnation. This indicates the need to regulate the prices of real estate market in Azerbaijan,â€ he added.
Garashov expressed concern over the decline in real estate market activity depending on the above or other factors.
â€œSince the onset of the financial crisis, market activity has decreased by about 20%,â€ he noted.

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