Prices for primary housing market of Baku decreased

Prices for primary housing market of Baku decreased
The average price of apartments in lighthouse, dropped to 1005 dollars per square meter

Baku. 29 October. REPORT.AZ/ In September, primary real estate market of Baku city average price for an apartment "in lighthouse" decreased by 3.09% - from 1037 dollars/sq m to 1005 dollars/sq m, in the national currency - by 3.13% from 1087 AZN/sq.m to 1053 AZN/sq.m.

Report informs referring to the monthly report of the monitoring group of MBA Consulting Group, 65% of the offerings in the primary market apartments is cheaper accommodation for the price of less than $1 000/sq.m. The share of apartments at an average price of $1 000-1 500/sq m makes 28%. The remaining 7% of the total portfolio of offerings comprise luxury apartments at a price above 1500 dollars/sq. In this segment, the average price is 2080 dollars/sq.m.

On the primary market, the highest price per square meter is offered for five-room apartment "in lighthouse." Cost of the apartment located in Nasimi district near Javanshir bridge (former Gagarin) with a total area of 264 square meters was $ 3200/sq.m. The cheapest apartment is located in Khirdalan city of Absheron district. The cost of one-bedroom apartment in a new building with total area of 104 square meters was $400 /sq.m.

During the month, decline in prices recorded in the Absheron, Binagadi, Nizami, Sabail, Surakhani, Khatai and Yasamal districts, the relative price increase was observed Narimanov, Nasimi, Garadagh and Sabunchi districts.

In the market of apartments, below average cost per square meter (1005 dollars) accounted for 59% of the total portfolio of offerings. The average size of apartments in new buildings is 108 square meters, the average price of a single room is 51 000 dollars, the average price of apartments - 122 300 dollars.

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