Primary Market Prices Remained Stable in June

In June, despite the overall activity in the primary market, prices largely remained stable. A similar situation was observed in other major cities of the country. According to estimates of the public association "Consumers Estate Market", now the price index is 873 manats per 1 sq. meter. In comparison with the previous quarter, changes in prices were 2.3%, while the same period last year they changed by 7.7%. In comparison to September 2008 (during the crisis), prices fell by 26.8%. Then 1 sq. meter of housing cost 1,194 manat. Note that during the month the most attractive parts of the capital remained Yasamal, Khatai and Nasimi. In June, the primary market offered 396 new buildings and the number of construction companies was 131. There was the greatest demand for two-room apartments. Five-room apartments fell mainly on the first zone, and three-room on the third zone. The average area of one-room apartments is 60.7 square meters, two-room - 92.1 square meters, three-room - 131.8 square meters, four-room - 181.9 square meters, and five-room - 238.3 square meters. 

Experts point out that in recent months, the primary housing market activity was observed, which was the result of the general trend. Experts believe that up to now housing does not reflect the real value. And there are problems with the documentation, utilities, the terms of the mortgage, monopoly and other problems. All of this is the main reason to have a negative effect on the activity in the primary market. In connection with the season in the coming days, the market activity will subside somewhat, and the prices will remain stable.