In May, prices at the primary market in Azerbaijan incrased by an average of 0.5%. According to experts, the average price index is 865 manats per 1 sq. km. meter.
As compared with the previous quarter, prices rose by 2.9%, and compared with the previous year - by 5.4%. Compared with September 2008 (during the crisis) prices fell by 27.6%. Then per square meter the price was 1,194 manat. The most attractive districts were Yasamal, Khatai and Nasimi districts.
Basically, according to the concluded transactions, three-room flats areof great demand. In May, 40.2% three-room flats, 30.2% - two-room flats, and 29.6% of one, four, and five rooms flats were sold.
Experts believe that the increase in the price is due to the season, as well as mortgage loans, increased solvency of the population in relation with the capital construction works. In the coming days, the proces in the market will remain unchanged.
Economics
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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.
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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.
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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.
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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.
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