In January, prices of existing homes rose by 2.5%

In January, prices of existing homes increased on average by 2.5%. According to experts, at present, the average price index is 1,045 U.S. dollars per 1 sq. meter.

As compared to December, the number of transactions increased. The most attractive areas still were Yasamal, Nasimi, Narimanov, and Khatai. In the portfolio of proposals, the shares were over 75% in January.

The main reason for the formation of most of the proposals in these four areas is that the buildings are resold and create a secondary market, favorable for mortgage lending.

In January, a decrease in demand for 4 and 5 room apartments, as well as increased demand for 1, 2 and 3 room homes. The greatest demand is for two-room apartments. The share of apartments, the price of which is higher than the average (1,045 U.S. dollars), the total portfolio is 53.3%.

Experts believe that the increase in prices in recent months was the result of mortgage loans, purchasing homes by Azerbaijanis working in Russia, and the compensation granted to people whose homes went under demolition.

A push to activate the secondary housing market is also the facilitation of the issuance of bank loans. Professionals working in this field believe that price increases can not be explained only with mortgage. If it continues, then prices may again reach a record height. In the coming days the rise in prices and activity in the market will continue.

In January, the other major cities also saw activation of the secondary housing market and the comparative prices.