According to the General Director of the consulting company MBA Group Nusret Ibrahimov, by April 1, prices for the Baku real estate market fell by 23.35% on the dollar. As since last year, the acquisition of real estate is conducted in foreign currency, the prices in manats increased by 40.3%, he said. At the same time buyers are more likely to acquire an apartment in the primary market.
On average, in March there was a fall in prices (minus 0.31% and 2%, respectively). This happened not in the housing market, but in the commercial real estate segment, the cost of which slipped by 6.23 and 8.55%).
The prices on the secondary market rose by 3.43% in dollars and by 3.84% in manats. But land plots fell - in dollars there was a decline of nearly one-third (minus 30.3%), and in manats - at 1.54%. However, if the government really allocates the promised 200 million manats for mortgage housing, all segments, including land, will revive, the expert believes.
And his words are not without foundation, as local television channels revived advertisements that potential customers are offered almost finished apartments in new buildings on almost social (4.5% per year) mortgage loans in installments of up to 20 years with an initial payment of not more than 10% ( banks require a minimum of 15%), and provided a bill of sale, and even gasification according to a new form of contracts. This factor affects the activity in the primary segment now.
According to experts, Azerbaijan has no mechanism to combat misleading advertising, so it is necessary to wait for the new trials between the buyers of apartments and the developers. --17D-
Markets Review
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The construction materials market in Baku in November exhibited modest but varied shifts in pricing, influenced by local production, imports, and fluctuating supply chain conditions. While many categories remained stable, certain materials saw notable price adjustments, reflecting broader economic trends.
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In November 2024, the average price of a consumer basket (CB) for 30 basic domestically produced food items compiled by the Turan agency in Baku rose by 0.6%.
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In November 2024, the lending situation changed in two Azerbaijani banks. These banks revised the interest rates for both consumer and business loans offered in Azerbaijani manats.
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In November 2024, the situation regarding deposit acceptance in seven Azerbaijani banks changed. These banks revised their interest rates for deposits made in Azerbaijani manats, US dollars, and euros. For example, the annual interest rate for deposits in the national currency (Azerbaijani manat) for a one-year term is as follows: Accessbank: 9-11% to 8.5-11% ; International Bank of Azerbaijan: 10-11% to 10.5-11.5%; Azer-Türk Bank: 5-5.5% to 8-8.5%; Bank of Baku: 10.5-11% to 12%; Kapitalbank: 9-10% to 10-11%; Rabitabank: 7.5-11% to 7.5-11.5% ; Ziraatbank Azerbaijan: 7.5-8.5% to 8-9%.
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