Volume of non-cash payments in Azerbaijan to reach $10B

Director General of the MBA Group consulting company and a real estate expert Nusrat Ibrahimov told Trend that since the beginning of the year, prices in the secondary housing market decreased by 3.87 percent, and increased by 2.17 percent compared to prices to the end of August 2017.

“In general, the average area offer in the market was 131.74 square meters. Thus, the average cost of apartments offered in the market reached $124,230. The average room offer last month was 3.14 rooms. Rental price of the apartments averaged $526, with a monthly yield of 0.42 percent."

Touching on other main segments of the real estate market, the expert noted that prices in the land market showed growth, while prices in the commercial property market declined.

“Thus, in August, prices in the land market grew by 0.24 percent compared to July, and a 7.41 percent growth was observed since the beginning of the year. This is while a 12.04 percent growth in prices in the land market was observed compared to the same period last year. In turn, in the commercial property market, prices decreased by 0.72 percent for the month, by 0.95 percent since the beginning of the year, and by 5.89 percent in comparison with August 2017,” the expert noted.

He went on to say that in August, the average price was $114,960, which is 0.49 percent less than last month, and since the beginning of the year prices have grown 28.92 percent.

“The average area of the country houses offered in the market in August was 209 square meters,” Ibrahimov said, adding that this indicator increased by 6.09 percent compared to the previous month and by 19.02 percent since the beginning of the year.

Today, the share of the construction sector in Azerbaijan’s GDP amounts to about 10 percent.

The government plans to achieve a GDP growth by 249 million manats ($146.45 million) until 2020, through the implementation of measures envisaged in the Strategic Road Map for the development of housing provision at a reasonable price.

T