Activity in commercial property market of Baku city reduced

Baku. 14 March. REPORT.AZ/ Activity has decreased in commercial property market of Baku city. In comparison with previous month, decrease in activity and prices on 6 segments (store, location, service, office, cellar, industry), forming portfolio of offer, observed in February.

Report informs citing monthly report declared by the monitoring group of 'MBA Ltd.' consulting company, however, fall in prices observed in February, totally, number of proposals in total sales portfolio increased.

In February, number of applicants to real estate purchase and sale centers for commercial facilities constituted minority and as a result, slightly decrease observed in transactions on this segment in comparison with previous month.

Main share of commercial facilities, offered on the market for sales purposes accounts for 'space' by 45,5%. Spaces for service and store made 38,2% and 10,9% share accordingly. Total number of places for office and cellar, which are on sale, made 5,4% of total share.

As for average selling price of the properties used for commercial purposes on Baku city decreased by 2,61% in February. Despite average price for 1 square meters of non-residential area made 2 877 USD in January, this figure reduced to 2 802 USD in February.

Unstable market prices and demand have led to exposure time to remain unchanged. As in January, duration of exposure made 335 days in February.