The FINANCIAL — According to abc.az., this July the secondary housing market of Baku was observed decline of dynamics of sale & purchase agreement signing as well as in the previous month.
Public Union “Real Estate Marker Participants” reports that that influenced the decline of quantity of operations.
“Last month portfolio of supply of apartments in old houses decreased and supply “fresh” flats rose on the contrary. At the market supply grew by 6.3% and the quantity of signed agreements declined for a month and as a result average prices reduced by 1.4%. Price index reduced by 1.4%. Last month it was set out about 7,000 flats for sale. The survey showed that decline of flat prices has occurred for the first time this year. Prices for flats declined from $1,626 to $1,604 per square metre. The price decline occurred because of demand decline At the same time apartments become expensive in Azizbekov, Surakhani, Khatay, Garadagh and Sabunchi and districts of Baku,” the Union says.
The largest number of flats in May was sold in the Narimanov (20.6%), Yasamal (18.1%), and Khatayi (15.4%) districts of Baku. 38.7% of overall portfolio of apartment supply included 2-room flats and 37.2% – 2-room flats. 20.6% of the overall supply portfolio was in Narimanov district. Average price for apartment in July made $135,341.
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