TODAY.AZ / Business

Prices in real estate market rise

20 November 2017 [15:59] - TODAY.AZ

By Azernews


By Sara Israfilbayova

Despite recent fluctuations in the monetary market, the real estate market remains the most profitable investment tool in Azerbaijan.

Prices for real estate demonstrate stable rise, despite unpredictable developments in economy.   

The prices in Baku’s real estate market increased by 0.46 percent in October 2017, Nusret Ibrahimov, director general of the MBA Group consulting company, real estate expert told Trend.

The expert stressed that last month's growth was demonstrated by land markets, as well as rental of housing and commercial facilities.

Prices on the land market increased by 1.61 percent in the reporting period, by 6.06 percent on the rental market and by 4.63 percent on the commercial property rental market, according to Ibrahimov.

“Prices in the primary housing market declined by 0.41 percent in the month, on the secondary housing market by 0.75 percent, and on the market of commercial properties by 4.88 percent,” the expert stressed.

The general director noted that since the beginning of the year prices in the market have decreased by 9.16 percent.

In general, decline in prices has slowed, and land markets and rental housing have increased since the beginning of the year by 4.71 and 16.22 percent, respectively. The remaining segments of the market, as noted by Ibrahimov, showed a decline.

“The prices in the primary and secondary housing market decreased from the beginning of the year by 10.46 percent and 4.31 percent respectively, on the market of commercial properties by 19.01 percent, and in the market of their rent by 15.38 percent,” he said.

The expert went on to say that the growth of prices in October is seasonal, adding that following certain decrease in summer, the market becomes active in autumn.

Prices in the real estate market of Baku decreased by 31.53 percent in 2016.

Today, the share of the construction sector in Azerbaijan’s GDP amounts to about 10 percent.

The government plans to achieve a GDP growth by 249 million manats ($146.45 million) until 2020, through the implementation of measures envisaged in the Strategic Road Map for the development of housing provision at a reasonable price.  

URL: http://www.today.az/news/business/166988.html

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