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
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review