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Growth of demand for housing in Azerbaijan increases every year

Nusrat Ibrahimov: 'Legislative gaps should be eliminated to revive real estate market and increase confidence'

Baku. 29 April. REPORT.AZ/ Azerbaijan's construction companies with higher financial stability already hold sales in USD.

Report was told by Nusrat Ibrahimov, Director General of 'MBA Ltd.' Consulting and Appraisal Company: 'For this reason, relative price increase is observed in the primary housing market'.

N.Ibrahimov said that due to the population growth in Azerbaijan, current housing demand increases nearly 30 thousand every year: 'Statistical information on population growth shows that nearly 100 thousand persons born per year. Taking into consideration number of deaths during a year as well as the fact that half of births are girls and half boys, it can be defined that demand for new housing makes about 30 thousand every year. According to the figures of the State Statistics Committee, on average, 15-17 thousand new private houses and apartments are built every year. Considering even illegally constructed houses you can see that demand of almost 5 thousand families for housing is not meet during a year. Collecting these figures each year, a very large figure appears'.

'These families are, of course, low-income population. The demand is growing every year and as a result, social tensions can arise. Either sales prices should be reduced or people's ability to pay increased in order to solve this problem. In a word, balance should be created in the market', the expert said.

The expert considers that legislative gaps should be eliminated to revive real estate market and increase confidence. 

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