In the second quarter of 2016, housing prices in Azerbaijan declined compared with the first three months by 0.9%, the State Statistics Committee.
According to the observations of SSC in the primary market for this period of time there was some increase in prices (+ 0.4%), and the secondary market prices decreased by an average of 0.9%.
As the State Real Estate Register Service said, the activity in the secondary market, as a rule, is twice the indicator on the primary market of apartments.
In general, despite the decrease in activity in the apartment market, the primary market in the second quarter showed a 3.2% growth compared to the same period of 2015. Nevertheless, the total price for two segments of housing market showed negative dynamics (-4.9%). This trend is observed on the background of the general increase in prices for building materials, mostly imported. ---08D
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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