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.
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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