In October, the market price of the secondary housing market remained unchanged. Compared to the beginning of the year, prices on average fell by 2%. In comparison with the same period last year they increased by an average of 2.2%. Currently, the average price index is 980 dollars for 1 sq. meter. Over the last month the market faced some activity. It took place in the Yasamal, Khatai, Narimanov and Ganjlik areas and in the Eighth Kilometer settlement. Ongoing studies show that currently 90% of customers change their apartments, 7% buy housing through mortgage and loans, and only 3% buy flats due to their savings. Over the last month the demand for 4 and 5-room apartments declined, but increased demand for 1, 2 and 3-room apartments. The greatest demand is for two-room apartments. The market share of flats with an average cost for 1 square meter below 980 U.S. dollars is 53.3%.
In the coming days, the stability of the secondary housing market will be maintained. However, in the case of mortgage loans, the market activity will increase, and increase in the prices is not excluded. -00--
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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