Today.Az » Business » Prices in real estate market to increase
06 August 2018 [14:26] - Today.Az
By Naila Huseynli
The prices in the real estate market in Baku increased by 0.53 percent in May compared to April 2018, said Nusret Ibrahimov, real estate expert, director general of the MBA Group consulting company.
Despite this, prices in the main market segments have decreased, the expert added.
“Thus, prices in the secondary housing market over the month fell by 0.3 percent (from 1,635 manats ($0.96) to 1,630 manats ($0.96) per square meter), in the primary housing market - by 1.91 percent (from 1,244 manats ($0.73) to 1,221 manats ($0.72) per square meter), in the market of commercial facilities - by 0.58 percent (from 2,637 manats ($1.55) to 2,631 manats ($1.55) per square meter), in the rental market - by 6.58 percent (from 8.79 manats ($5.16) to 8.21 manats ($4.82) per square meter), and in the market of individual and summer cottages - by 1.45 percent (from 1,404 manats ($0.82) to 1,384 manats ($0.81) per square meter),” Ibrahimov said.
The expert said that the price on the land market and the rental market for commercial facilities generates 1.98 percent, 1.68 percent increases, respectively.
The director mentioned that the real estate prices declined by 3.02 percent compared to the indicator of early 2018 and the decrease is mainly linked with the reduction in prices on the rental market.
“Thus, the prices in the secondary housing market decreased by 2.24 percent, in the primary housing market - by 1.64 percent, and in the rental market - by 3.78 percent compared to the indicator in early 2018. At the same time, growth was observed in the land market by 5.81 percent, in the market of commercial facilities by 0.55 percent, in the rental market for commercial facilities by 3.29 percent and in the market of individual and summer cottages by 2. 25 percent,” Ibrahimov stated.
The expert concluded that the market demonstrates a trend towards stabilization and by the end of year a six percent growth is expected on the market.