In July, prices for new housing decreased by 1.2%

In July, the primary housing market (PHM) in Baku decreased average prices by 1.2%. A similar situation prevails in other large cities of Azerbaijan. According to the calculations of the Public Association "Consumers Property Market", at the present time the average price index is 810 manat per 1 sq. meter.

In comparison to the same period last year, the prices fell by 3.2% and against the last quarter - by 1.3%. Meanwhile studies have shown that the highest demand is for housing, price for 1 sq. m. of which is 500-600 manat. Within a month the most popular areas of the capital were Yasamal, Khatai, and Nasimi.

Experts explain the comparative price reduction with the decrease in activity in the market due to the holiday season. Another reason is the low level of mortgage lending, as well as the still high rate of mortgages. There is a problem of monopoly, artificial assessment, etc.

However, experts in the market, among other things, noted that although the owners have not officially cut the prices, under the cash payment they are willing to make concessions to their customers. In the coming days, the stability in the market is likely to continue.