Price rise continues in primary apartment market, Baku

Price rise continues in primary apartment market, Baku
# 01 August 2013 12:46 (UTC +04:00)

According to PU, the price rise started in the beginning of the year continued in June too. Gradual returning of purchasers to the market, showed itself in the prices and number of deals. Though the seasonal factors had role in this, construction companies tried to remain the prices unchanged and loan portfolio in apartment sale increased. It affected the development of activity. Purchasing power continued to increase and consequently, the number of closed deals grew.

In June, 6 newly-constructed buildings were put up for sale in 3 districts. Khatai district left other districts behind. 4 new buildings were in White City project. One of these buildings was in Yasamal, other – in Nizami district. The prices started from 1,200 AZN/m². However, the demand started from AZN 800. Number of apartments put up for sale increased and 2 newly-constructed building were withdrawn from the sale. Number of apartment building to be monitored reached 400. At the same time, number of construction companies dropped 129 from 131.

Most of newly-constructed buildings are in Yasamal (New Yasamal settlement). Next places were held by Khatai and Nasimi. Share of building under construction in these districts made 2/3 of total construction portfolio.

The prices on primary apartment market rose 1.02% to 884.1 AZN/m² from 873.2 AZN/m². Compared to a quarter and a year earlier, the prices increased 3.1% and 10.2%.

Note that in comparison to September, 2008, the price decline made 26%.

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