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Baku real estate market holds stable prices

13 August 2007 15:30 (UTC +04:00)

The Public Union of the Real Estate Market Participants told the APA-Economics that average price increase on the secondhand housing market was 0.1% in July, the lowest rise in the past two months.
The prices fell to a three-year trough and the average price in secondhand residential real estate market was $1,255/sq.m in Baku.
In the market supply the percentage of newly built buildings on the secondhand market was 9.7% while â€œLeningradâ€ apartments rose to 27.3%.
The average price of country houses was $176,750, or $1,114 per sq.m.
The supply portfolio went down on the firsthand housing market in this month after sales were limited in some newly constructed buildings. The price rise was 1.3% during the month and the average price was $1,026 per sq.m.
Land market gained 1% and the average price of land per hundred square meters was $22,010.
The price went up 0.5% on the rental house market. Commercial premises market rose 4.3% to $2,745 per sq m and commercial rental market climbed 1% to $21.2 /sq.m.
During recent years Azerbaijan has sharp increase in real estate market but the prices become a bit stable after early 2007. /APA-Economics/