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
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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