In July, Prices of Secondary Housing Fell by 1.4%

In July, the prices in the secondary housing market in comparison with the previous month on average decreased by 1.4%. Falling prices in most observed in the city center - 2.3%, in Nasimi district - 1.7%, in Yasamal - 1.3%. According to the calculations of the Public Association "Consumers Property Market", at the present time the average housing price index was 986 U.S. dollars for 1 sq. m. meter. In July, the activity in the market compared to previous months decreased as well as the number of trades. According to the ratio of activity in July, the most attractive areas were in the Khatai and Yasamal districts of the capital. Over the past month demand for 4 and 5 room apartments decreased, especially in four-room ones. However, increased demand for 1, 2 and 3 room apartments.

Professionals working in the secondary housing market linked the decline in prices to seasonality and weak mortgages in recent months. One of the experts regards the situation as follows: "The activity decreased due to the holidays, loss of activity was the cause of lower prices." By the end of season the prices will remain stable. However, the relative activity is expected to fall in the market. In the coming days, price stability is expected.