In September, Prices in the Primary Housing Market Remained Stable

In September, prices on the primary housing market on average remained stable. Currently, the average price index of the primary housing market remains under 820.3 manat per 1 sq. km. meter, as in the past month.

Over the past month, there was some activity. However, despite this, the purchasing power for this market remains below average. In the construction of primary residence involved are 55 companies.

Referring to the study, it may be noted that buyers prefer apartments, the cost of which ranges between 500-600 manat per 1 sq. meter. The new buildings of three-room apartments are an advantage. Five-room apartments in the majority occur in the first zone (the center of the capital), one-bedroom - in the third zone (margin). As for the price reduction, in comparison with the previous quarter, they fell by 1.3% compared to last year - by 5.6%. During the month, the most attractive areas remained Yasamal, Khatai, and Nasimi.

Experts attribute the increase in the market activity to the end of the summer season and the increasing demand. However, the situation in the primary housing market still remains unsatisfactory. One of the experts noted that "the purchasing power of the market is very low. Most of the apartments in new buildings remain empty even despite the fact that the houses were put in exploitation a few years ago." Experts believe that the reason is also the high cost of utilities in new buildings, inadequate prices, problems with documentation, unfavorable mortgage. In the coming days, the situation in the market will remain as it is.