Drop in prices on real estate property in Baku continues

According to him, researches show that last month a square meter of flats on the secondary market were available for $1,382 in average, while earlier the price on secondary market was $1,436.

"Undoubtedly, the price drop will continue until the late first quarter of this year", said he.

"At the same time our market monitoring shows that the purchasing capacity of those willing to buy residence has dropped as compared to previous months by approximately 25%. The reasons of this drop are connected not with internal factors but the influence of the global crisis on Azerbaijani markets, in particular, on the real estate market.

On the background of this, researches of some institutions show that through the past time employment in the country is growing significantly. For this reason citizens experience fall in incomes, influencing the dynamic drop.

On the other hand, recent studies show that by late last year the average cost of a flat, put for sale on the market, made $123,983 that is AZN 98,500. In the first two quarters of this year, the drop in the average cost of a flat on the market of the capital city down to AZN 90,000 is possible", said Osmanov.

/Day.Az/