Land price on rise in Baku

/By AzerNews/

By Amina Nazarli

In November 2014, the average price of one acre of land in Baku increased by 2.2 percent, reaching $19,476. MBA Group Consulting Group said.

Some 403 land plots were billed for sale in November. This came as the figure stood at 237 in October.

“The growth is connected with the increased activities in the land market,” the company said.

The most price growth was registered in Nasimi and Narimanov districts of Baku, where the prices rose by 3.95 and 2.18 percent respectively.

“Despite the price hike in the land plots in those district, we saw a decline in other districts including Absheron, Binagadi and Khazar. This is mainly due to the growing activities of the central areas compared with the margin,” MBA Group noted.

The most active districts in November were Binagadi, Sabunchu and Surakhani. The most passive ones were Nasimi and Sabail districts.

In November, the prices for land plots in Absheron decreased by 12.4 percent, constituting 4,270 manats ($5,440), while in Garadag district - by 0.6 percent (4,060manats). The prices in Khatai district declined by 7.3 percent (29,220 manats), in Khazar district - by 4.8 percent (4,160 manats) and in Yasamal district - by 4.9 percent (102,680 manats).

In Binagadi district, the prices rose by 7.7 percent, reaching up to 17,100 manats for one acre and in Narimanov district - by 2.2 percent (117,760 manats). The prices increased by four percent (114,180 manats) in Nasimi district and by 7.7 percent (28,680 manats) in Nizami district. Meanwhile, Sabunchu district has had an increase in prices by 11.6 percent (5,290 manats), while the growth for Sabail district made up 0.8 percent (60,400 manats) and Surakhani district - 0.2 percent (5,900 manats).