Demand in secondary housing market of Azerbaijan decreases, prices rise

Demand in secondary housing market of Azerbaijan decreases, prices rise
# 30 August 2013 13:48 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. In July, the number of deals closed in the secondary housing market of Azerbaijan rose dropped 1.9% compared to June.

According to researches of Property Market Participants PU, decrease of deals’ dynamic was related to decrease of mortgage lending in the seocndary housing market. Total supply portfolio on secondary housing market strictly reduced. During past 8 months, the supply for this segment of the market slipped and price dynamic sharply increased. As the processes in the market had a positive impact on the construction of apartment, rehabilitation of the new buildings and circulation opportunities increased compared to a year earlier. And this caused price rise of new buildings in the secondary market.

In June, the supply in the secondary housing market dropped 2.6% average price rose 2.0%.

The most attractive districts were Khatai, Yasamal, Nizami and Narimanov in June. Because of the prices in those districts are close to normative requirements of mortgage.

In June, the price index in the secondary housing market rose 4.7 points to 242.2 points.

Supply slipped 2.6% and number of houses for sale in the market slid to 4,850. Share of Yasamal, Nasimi, Narimanov and Khatai districts in supply portfolio was equal to 78.7%. The highest price rise was recorded in Khatai (3.3%)

Number of 4 and 5-room houses slid. Most reduction on supply was recorded in 4-room houses. 1,2 and 3-room houses increased. The highest price rise was recorded in 1-2-room houses.

Average price exceed previous month by 2.0% to 1,312 $/m². Price rise made 32.1% compared to a year earlier.

The houses which are lower than average price of 1m² of the houses have 52.7% share in the total portfolio. Average room index of the houses is 2.81, average price of each room - $49,966 and average price of houses - $118,212.

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