Within two months of this year the rights to 23,918 houses were registered in Azerbaijan. This is 25.7% less than in the same period last year, the State Committee for Property Affairs said (http://goo.gl/T7iZXv).
Since the beginning of the year operations on the primary real estate market (6,640) decreased by 20.3%, and operations on the secondary market (17,278) – by 27.6%.
This year, increased registration of rights on non-residential premises (590 transactions, +12%) and land allotments to permanent crops (17 transactions, +30.8%). For other types of real estate the activity declined.
In January-February of this year the rights were recognized for 4,638 individual houses and summer cottages (-28%), 7,082 apartments (-5.6%), 11,040 land plots (-34.3%), 436 non-residential buildings (+40.9%) and 5 multi-storey buildings (-44%).
Exactly one third of the operations (7,950) accounts for Baku.
The deep economic and financial crisis observed in Azerbaijan since 2014 hit primarily the real estate sector: the demand for it fell, and the real estate prices are gradually falling. ----08B
Economics
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