Activity in Property Market Falls by 23.4%

In the first quarter of 2016 Azerbaijan registered the ownership of 37,345 realty units. Compared with the same period of 2015, the activity in the property market fell by 23.4%, according to the State Committee for Property Affairs.

Operations in the primary real estate market declined at a slower pace (-3.1%) than in the secondary market (-29.6%). In January-March this year, the purchase and sale of real estate in the secondary market was by 2.5 times higher than the statistics registration of rights to real estate in the primary market (10,991).

Unlike other types of real estate, investors' interest in non-residential premises increased in the period. In the three months since the beginning of the year the rights to 826 non-residential premises were registered, and 675 of them are located in Baku.

About half of the real estate transactions accounted for land plots (18,000).

The real estate market activity reduces against the background of general decline in business and economic activity. -------08D

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