In February, the primary housing market (PHM) in Baku and other cities showed no recovery.
According to experts, the average price index in this segment is 810 manats per 1 sq. meter. Compared to the same period last year, prices were down 2.7%. Five years ago prices were higher by 30.9%. The most active trade was in the Yasamal, Khatai and Nasimi districts of the capital. Stagnation in this segment is due to the monopolization of the construction sector.
At the same time, prices for primary housing do not reflect the reality. Artificial problems are created for documentation and public service. The lack of normal conditions for obtaining mortgage also prevents the revival of the segment.
Stagnation in PHM is expected in the near future. In February, no changes were observed in the regions either.
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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