Azerbaijan gets rise in average sale and rent prices of property for commercial utilization

Azerbaijan gets rise in average sale and rent prices of property for commercial utilization
# 03 July 2013 14:06 (UTC +04:00)

Baku. Nijat Mustafayev – APA-Economics. In May, 2013, the average sale and rent prices of a property for commercial utilization increased in Baku.

According to Property Market Participants PU, non-residential areas consisted of personal buildings, 1st and 2nd floors of newly constructed buildings and apartments in the first floor of the buildings in the secondary market. Dynamics of deals closed in the market on these segments rose 2.2% compared to April.

Number of non-residential areas purposed to the market dropped 1.4%. Increase of supply prices and growth of dynamics on this segment of market were observed with the decline of duration of exposure by 0.3%. Riskness on non-residential areas increases. This was caused by strengthening of rate of return on this segment of the market in accordance with the rent prices.

The price index in Baku in May soared 0.2% compared to a year earlier, 0.8% - compared to a previous quarter. In comparison to the previous month, the price index rose 0.3%, index surged 0.8 percentage point to 289.8 points.

In May, the average sale and rent prices of a property for commercial utilization increased by 0.3% and 0.4% in Baku. Average sale price of non-residential area for 1 m² grew $2,939 from $ 2,930.

The prices in all zones of the city increased.

The highest price rise was observed in Nasimi District (1.2%), price drop – in Sabunchu (-0.9%).

Zones

May, average price, $

Price change, %

I zona

4,940

0.2

II zona

3,592

0.6

III zona

2,159

0.5

IV zona

764

0.2

#
#

THE OPERATION IS BEING PERFORMED