In October, the Price of Existing Homes Fell 2.2 %

In October in Baku and other cities of Azerbaijan prices of existing homes fell by an average 2.2%. In the last month, compared with the previous months, activity in the market declined, and the decline was observed in the dynamics of transactions.

During the month decline in prices was observed for the "Khrushchev ", "Stalin" and French apartments, as well as 3, 4 and 5-room apartments. According to estimates, the cost of 1 sq. meter of apartments for sale is 1,285 dollars per 1 square meter. In comparison with the same period last year, the price increase was 31.1 %.

The share of apartments sold in the market for a price below 1,285 dollars per 1 square meter is 53.2%. Offers in the Nasimi , Yasamal, Narimanov and Khatai districts accounted for over 75%.

Experts believe that the decrease in the supply of second-hand housing is associated with the reduction of proposals and activity in the market, stop in the mortgage lending and artificial increase in the prices. In the coming days, the stability of the secondary housing market will continue.