In November, prices remained stable in new housing market

In November, prices in the primary housing market of Baku remained stable. Along with the prices there were no changes in the dynamics of the market.

According to estimates, at present, the average price index of the market, as in the previous month, was approximately 820.3 manats per 1 sq. meter. Compared to January of this year, there was a decline in prices by 5.4%, while compared to the same period last year - by 4.1%. Compared with September 2008 (crisis) price reduction was 32.8%. Note that at that time the price of 1 square meter was 1,194 manat.

During the month, the most attractive areas of the capital, as in previous months, were Yasamal, Khatai, and Nasimi. In these areas, the price index was 500-700 manats per 1 sq. meter. Over the last month the most popular was accommodation with a working heating system and gas.

In Baku there was no change in the number of multi-family houses. Due to the low amount of activity in the market the number of new buildings for sale remained the same - 420.

Experts believe that the prices of new housing are still not correct, that is above the norm. High cost of living, credit discrepancy, and problems with heating are serious problem in the activation of the new housing market. In the coming days, the stability in this market will last.