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
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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