BAKU, Azerbaijan, April 13
The rental prices for apartments and trade facilities decreased in Azerbaijan’s capital Baku in March 2020, Director General of Azerbaijan’s MBA Group consulting company, expert in real estate Nusrat Ibrahimov told Trend.
The expert stressed that the activity in the real estate market has practically stopped due to the coronavirus pandemic.
“The prices in the rental housing market decreased by 6.2 percent in March,” Ibrahimov added. “Futhermore, the prices decreased by 3.66 percent in the rental market of trade facilities.”
The expert stressed that in general, the real estate market volume decreased by 2.6 percent over the past month.
In February 2020, the cost of housing in Baku’s secondary market increased by 2.16 percent compared to January 2020, the Azerbaijani MBA Group consulting company said.
As for the value of land, a slight increase was observed. A decrease in prices was observed for country houses.
In the rental sector, an increase of 1.2 percent was observed in February 2020 compared to January 2020, and on an annualized basis – up to 2.1 percent.