The February devaluation of the national currency had a negative impact on the sale and lease of commercial real estate, not only in the region but also in the capital. Thus, the average real cost of 1 sq. m in Baku by June 1 fell to $ 3,418 (minus 5.5% to April 30), said the head of consulting company MBA Group Nusret Ibrahimov.
According to experts, the decline may be continued against the background of falling business activity, even against this background, the cost of 1 sq. m. of commercial real estate has grown in comparison with May 2014 by 23.33%.
The same can be said about the exposure (time of an offer for sale up to the acquisition) of objects - if, before the sudden devaluation an owner waited an average of 150 days, today customers are found on average for 199 days.
Also decreased, respectively, the cost of rent of 1 square. m. of commercial real estate - in Baku it is $ 13.7 (minus 0.72%). --17D-
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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