In the third quarter, the index of prices in the housing market increased by 2.4%

In the third quarter of this year, the price index for the housing market in Azerbaijan increased compared with the previous quarter by 2.4%. In this case, in the primary housing market, prices rose by 4.3%, according to the State Statistics Committee.

According to the observations of the staff of the State Committee, in July-September well designed apartments offered in the primary housing market went up by 5.3%. In annual terms, the prices of apartments in this segment increased by 20.2%. The prices for luxury apartments, the prices of which start with $ 2,000 per m2 for the year rose by only 1.7%.

In general, the house price index in Azerbaijan in the third quarter of this year compared with the same period in 2013 increased by 13.1%, including in the primary market - 11.6%.

Experts attribute the rise in prices mainly to objective factors. Demolition of the old residential areas in Baku caused rapid demand in both segments of the market, both in the primary and secondary housing market. Construction is carried out in other major cities, where new high-rise buildings are erected on the site of old residential buildings. It is predicted that the growth in housing prices will not stop, as the offer on the market does not meet the level of need. --08B--