In May, prices for secondary housing market (SHM) increased on average by 1.1%. According to expert estimates, at present, the average price index for SHM is 1,211 dollars per 1 square meter. In total, over the past month supply on SHM compared to previous months decreased and demand increased. The greatest demand was in the Khatai, Narimanov and Yasamal districts of the capital, and their share of the package of proposals was 78%. The reason is that these districts are most suited to the conditions and mortgage location. In May, four and five-room flats were the least in demand, while the greatest demand was for one, two and three-room apartments. There was a rise in prices for one and two-room apartments.
According to experts, the reduction in proposals generated rise in prices in SHM. This was facilitated by searching for apartments by people, whose apartments were destroyed. In the coming days there will be SHM stability, although there will be observed upward trend in prices.
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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