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.
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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