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Baku real estate market has 0.3% uptrend in August

14 September 2007 12:46 (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 August, the lowest in the past three months.
The prices fell to a three-year trough and the average price in secondhand residential real estate market was $1,261/sq.m in Baku.
In the market supply the percentage of newly built buildings on the secondhand market was 9.8% while â€œLeningradâ€ apartments rose to 27.1%.
The price of average apartment (67.9 sq.m) rose 0.1% to $86,500.
The average price of country houses was $176,780, or $1,116 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 0.1% during the month and the average price was $1,027 per sq.m. The building collapse put psychological pressure on the market.
Land market gained 0.3% and the average price of land per hundred square meters was $22,074.
The price went up 1.8% on the rental house market. Commercial premises market rose 0.2% to $2,756 per sq m and commercial rental market climbed 0.9% to $21.5 /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/