In December 2021, prices in the real estate market in Baku increased by 3.35% compared to November, and by 6% compared to December 2020.
According to Nusrat Ibrahimov, Director General of MBA Consulting and Evaluation Comany, in December, the price of secondary housing in Baku increased by 2.4%, but decreased by 1.9% over the year. In the secondary housing market, the price of expensive apartments (more than 2,550 manats per square meter) increased by 1.7% during the month but decreased by 6.4% over the year.
The price of average-priced apartments (1 square meter - 1,700-2,500 manats) decreased by 0.2% during the month and 1.2% over the year.
The price of cheaper apartments (up to 1,700 manats per square meter) decreased by 1.5% in December and 0.8% over the year.
Ibrahimov said that in December, prices in the primary housing market decreased by 1.1% compared to the previous month, and by 1.5% over the year. In the primary housing market, the price of cheaper apartments (up to 1,190 manats per square meter) decreased by 1.1% during the month and by 2.4% over the year.
The price of average-priced apartments (1,190-2,040 manats per square meter) increased by 2.2% during the month and 4.1% over the year.
The price of expensive apartments (more than 2,040 manats per square meter) increased by 5.2% during the month and fell by 5.4% during the year.
In the housing rental market, prices fell by 3.35% in December and 1.3% compared to the same period in 2020. The rental prices of cheaper apartments (up to 500 manats per month) decreased by 1.5% per month, 15.9% per year.
Rental prices for medium-priced apartments (500-1000 manats per month) increased by 1.9% during the month and 1.9% during the year.
The rental price of expensive apartments (over 1,000 manats per month) decreased by 1.5% per month and 11.5% per year.