In June, prices for primary market remained stable

In June, prices of primary housing market in Baku remained unchanged. A similar situation occurred in other major cities. Currently, the average price index is 822 manat per 1 sq. meter. According to calculations by the public association Consumers of Real Estate Market, compared to the same period last year, decrease in the prices was at 2.1%. In comparison with September 2008, decrease in the prices was at 28.9%. During the month, the most attractive areas for buyers remained in the Yasamal, Khatai, and Nasimi districts of the capital. These three areas made two-thirds of the total construction portfolio.

Experts believe that the activity in the primary housing market is lower than in the secondary housing market. One of the professionals working in the primary housing market, commenting on the situation, said: "The primary housing market owners themselves determine the terms of the exposure of apartments. It is done in order to satisfy their material needs. Because the segments that affect the primary housing market are few in number, it is easier to artificially maintain prices in this sector. Apartments currently exposed for sale on the primary housing market do not reflect a reasonable estimate of the cost." At the primary housing market there is artificial assessment, monopolization and other problems. In the coming days, stability will be kept in this market.