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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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