In August, in the primary housing market in the capital, prices remained unchanged. A similar situation occurred in the major cities of the country. According to estimates of the public association "Consumers property market," currently, the average price index is 802.3 manats per 1 sq. meter. Compared to the previous quarter, the prices fell by 2.3%, and compared to last year - by 4.1%. During the month, the most attractive areas of the capital were Yasamal, Khatai, and Nasimi.
Experts explain the stability in prices with seasonality, as in summer people prefer to relax, which is traditionally accompanied by a downturn in the market. Along with this the effect was produced by weak mortgage lending, as well as the discrepancy between the prices and the reality. All this has a negative effect on the activation of the primary housing market. We also have monopolization and artificial estimation.
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review