In June in the capital and other major cities of Azerbaijan, the prices in the secondary housing market remained stable. According to calculations by the public association Consumers in the Real Estate Market, now the average price index of housing for one square meter is 976 U.S. dollars. In June, compared with previous months, the activity in the market declined and the number of transactions decreased. In the portfolio offers, the Yasamal, Nasimi, Narimanov and Khatai districts of the capital prevailed. Their share is over 75%. In June, also as in the past months, the situation remained the same with apartments. That is, the demand for 4 and 5-room apartments was small, there was even a recession. Demand increased for one, two and three-room apartments. In June the average price per room was 44,201 U.S. dollars, and the average price for an apartment was $ 111,104.
Specialists - mediators in the secondary housing market link the decrease in activity in the market mainly with the decrease in purchasing power. Experts at the same time believe that prices are still higher than normal market prices. In the coming days, the situation in the secondary housing market will remain stable.
Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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