In Third Quarter, Prices in Housing Market Fell by 1.4%
In the third quarter of this year, prices in the housing market in Azerbaijan declined compared with the previous quarter by 1.4%. Overall, in July-September, the housing market recorded price growth of 2.1% compared with the same period of 2014, State Statistics Committee said.
Experts say that the increase is due to the February devaluation of the manat. Traditionally, the housing market in Azerbaijan buys and sells informally in US dollars.
In annual terms, in the primary housing market, prices rose by 8.1% and in the secondary – by 2%.
According to the State Committee for Property Affairs of Azerbaijan, for the first nine months of this year the country registered 145,000 deals on purchase and sale, of which 28,000 were in the primary market. --- 08D
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review