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Prices for land plots in Baku falls

30 May 2017 [15:15] - TODAY.AZ

By Azernews


By Amina Nazarli

Prices for land plots fell in April in Baku, Azerbaijan’s capital city and busiest economic center.

The general director of the consulting company MBA Group, real estate expert Nusrat Ibrahimov told Trend that the price of land plots fell by 3.14 percent in the past month.

Ibrahimov noted that activity on the land market has decreased significantly over the recent months.

“Now we see how the decline in activity affected the prices. Usually in April-May, prices for land are rising, but this time we are witnessing an opposite trend,” he said, explaining the fall in prices with a decrease in private housing construction.

The Real Estate Market Participants Public Association earlier stated that the volume of proposals in the Baku land market increased by 19.4 percent in two years, that is from February 2015 to February 2017.

The April report of the Public Association shows that the number of offers in the land market increased by 437 for two years.

In February 2017, most of the offers fell to the share of Baku’s Sabunchu (29.7 percent) and Khazar (28.2) districts. They are followed by Surakhani (15.9 percent) and Binagadi (12.6) districts.  The offers on these areas of Baku propose mostly private houses and cottages.

The least offers fell to the share of Narimanov, Yasamal, Pirallahi and Nasimi districts of the capital city.

The monitoring shows that despite a sufficient number of offers in Pirallahi and Garadagh districts, the demand in these areas is quite low.

Most experts say that purchase of land plots may be considered as the best object of long-term investments, while apartments in buildings under construction is appropriate for short-term investments. 

In Azerbaijan, there is no difference in the rights of foreigners and local citizens for buying a real estate. The foreign citizen, as well as the citizen of Azerbaijan can buy any property, except a land plot.

Prices in the market are mainly determined by location, quality of buildings and a number of other factors.

URL: http://www.today.az/news/business/161770.html

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