TODAY.AZ / Business

Cost and rent of nonresidential areas drop in price in Baku again

23 January 2009 [13:31] - TODAY.AZ
The public association of Real estate market participants drew conclusions of the monitoring of the state of the market of nonresidential areas of the Azerbaijani capital in December of 2008.
According to Day.Az, the monitoring revealed that the cost of commercial nonresidential areas in December drooped 2.4% as compared to November, while the rental fee of such objects dropped by 2.3%.

The nonresidential areas in private houses and new buildings put for sale were mostly on the first and second floors, on the secondary market on the first floor.

In December the average cost of a square meter of nonresidential areas made $3,417 while in November the cost of a square meter of such areas made $3,501.

In December prices on the market of nonresidential areas increased 23.4% as compared to the beginning of the year and dropped 6.7% as compared to the previous quarter.

Distributing nonresidential objects by areas, it can be said that in the second zone the cost of such spaces has increased a little, while in the three hours it dropped. Prices on nonresidential areas and their rental fees rose only in the Narimanov district (0.4%).

The number of deals dropped 8.6%. The package of proposals also reduced 5.1%.



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