In September, the price of second-hand housing (SHH) in Baku, on average decreased by 4%. Falling prices were mostly observed for the "Stalin" and "Khrushchev" housing and housing on the "Minsk Project."
According to estimates of the public association "Consumers in property market", the average price index for 1 square. meter on the secondary housing market is below 980 dollars.
Despite the decline in prices in the last month in this market there was relative activity. The most attractive areas of the capital in September still were Yasamal, Narmimanov, Nasimi and Khatai.
The portfolio of offers in these four districts accounted for over 75%. In the SHH market, 53.3% of the total portfolio of proposals includes apartments priced below U.S. $ 980 per 1 sq. meter. Average cost for each room in the market was 44,130 dollars, and for an apartment it was 110,846 dollars.
According to experts, the relative activity in the market after the summer season is absolutely legal. As for the comparative price reductions for "Stalin", "Khrushchev" and "Minsk Project", it is explained by the decrease in the demand for them. Experts also predict that due to the demolition of houses in Kubinka, Soviet, Papanin and behind the Heydar Aliyev Palace, the prices of second-hand housing can jump. Certain market price increase may be caused by allocation of mortgage loans in November.
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