Baku real estate market steady in March

Azeri Real Estate Index rose 1.7% or 4.7 points to settle at 275.10 and the rise was mostly encouraged by nonresidential premises market.

The Public Union of the Real Estate Market Participants told the APA-Economics that average price increase on the secondhand housing market was 3.7% in March, almost similar to the same period last year. The prices fell to a three-year trough and the average price in secondhand residential real estate market was $1,173/sq.m in Baku.

The rise in supply of homes below average price was 5.9% while the apartments above average price held steady prices.

In the market supply the percentage of newly built buildings rose to 35.6% while "Leningrad project" apartments fell to 12.5%.

The average price of country houses was $213,423, up 5.2% from the previous month.

The supply portfolio went down on the firsthand housing market in this month after sales were limited in some newly constructed buildings.

The price index rise for this month was 2% (4.1% last year) and the average price settled at $948/sq. m in Baku.

Land market gained 1.4% and the average price of land per hundred square meters was $19,679 (2.3% in 2006).

The price went up 1.4% on the rental house market. Commercial premises market rose 0.8% to $2,456 per sq m because of the non-intensive season while rental market climbed 0.9% to $20.8/sq.m.