In September, prices for primary market remained stable

in September, despite the activity in the primary housing market in Baku prices basically remained stable. A similar situation occurred in other major cities of the country. According to estimates, the average price index in September was 886 manats per 1 sq. meter. In comparison with the previous quarter, prices rose by 2.6% and in comparison with the previous year by 11.3%. Falling in prices in comparison with September 2008 (during the crisis) was 25.8%. Then 1 meter of housing in the primary market was worth 1,194 manat. 

During the month, the most attractive parts of the capital still were Yasamal, Khatai, and Nasimi districts. Purchasing power is mainly directed to the purchase of two-room apartments. In September, sold two-room apartments were approximately 39%, three-room - 30%, and the remaining 31% were for the purchase of 1, 4 and 5-room apartments. 

Experts say in recent months, increased activity in the primary market and in the secondary housing market as well. This is mainly attributed to a general trend in the market. 

Experts believe that the sold apartments do not reflect their real value in the market. The main reasons for the negative effect on the activity of the market are the lack of documentation, poor pay for public services, unfavorable mortgage terms, monopoly, and artificially inflated prices. 

In the coming days, the stability of the primary housing market will continue, and prices will not change significantly.

 

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