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.
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review