Secondary real estate market prices drop to 2007 level in Baku

Day.Az reports, by results of the monitoring it became clear that in late December prices on secondary flats dropped 7% from $1.544 to $1.436 per square meter over November.

Notably, this drop was most significant in 2008. In December of 2008 prices dropped to the level of September, 2007.

In December the number of deals on the secondary market dropped 2.4%. The share of new buildings in the overall proposals portfolio has risen, while the share of secondary residence reduced dramatically. The number of proposals in this segment of the market also reduced. Drop made 12.9%. On the whole, 5,100 flats were put for sale in December.

Notably, despite reduction in the number of proposals, prices continue declining. The price drop is connected with passive market due to global financial crisis.

The share of three-room flats in the overall portfolio of proposals made 38% and two-room flats 35.2%.

In November and December of 2008 the highest number of secondary flats was put for sale in Yasamal region (24% of portfolio). It is followed by Khatai (22%) and Narimanov (19.3%) regions.

/Day.Az/