Housing prices decreased in Baku in late 2021

In December 2021, prices for individual housing and cottages in Baku decreased by 3.03% compared to November, and increased by 2.25% compared to the same period in 2020, Nusrat Ibrahimov, chairman of the Azerbaijan Society of Appraisers and Director-General of the MBA consulting and evaluation company, told Report.

According to Ibrahimov, the price of expensive houses on the market of individual houses and cottages (1 square meter is more than 1,200 manats) decreased by 2.57% and 4.85% over the year. Prices for medium-priced houses (around 800-1,200 manats per square meter) increased by 3.75% during the month, and did not change over the year. The price of cheap houses (1 square meter is less than 800 manats) decreased by 17.32% during the month and 24.77% over the year.

"Prices in the rental market of individual houses and cottages decreased by 12.44% in December and by 12.29% compared to the same period last year.

The rental price of expensive houses (more than 1,000 manats per month) increased by 10.62% during the month and 21.79% over the year. The rental price of medium-priced houses (around 500-1,000 manat) decreased by 7.54% during the month and by 6.73% over the year.

The rental price of cheap houses (less than 500 manat) decreased by 3.02% during the month and 0.69% over the year," Ibrahimov added.