Cost of flats on secondary real estate market hits record, drops to level of early 2008 in Baku

Day.Az reports with reference to this organization that the monitoring showed that by late November prices on flats on the secondary market dropped 2.4% in Baku as compared to October, from $1,582 down to $1,544 per square meter. It should be noted that this drop promoted equalization of the secondary market residence prices with January ones.

In October the number of deals on the secondary real estate market dropped 14.9%, while the number of proposals dropped 8.9%.

The drop in the cost of flats is connected with the international financial crisis and the passiveness on the real estate market. The share of new buildings in the overall portfolio of proposals has risen.

After the statement of officials about possible demolition of old buildings their cost reduced by 6.4% and 3.3% respectively.

Currently the average number of rooms in secondary flats makes 2.44 rooms, while the average price of each room is $54,448.

/Day.Az/