Last year, demolition of buildings and a shortage of land in Baku led to rising prices on the real estate market.
According to Day.Az, a real estate expert said this Ramil Kasymzade.
According to him, there is currently a shortage in the housing market.
“In the capital, demand significantly exceeds supply, which directly affects prices. The main buyers of housing are not only citizens of Azerbaijan, but also our compatriots from Ukraine, Russia and Belarus. At the same time, many property owners prefer to wait, hoping to sell their apartments at higher price,” the expert noted.
There is a shortage of apartments in old buildings on the market, and housing with an area of over 150 square meters is more often put up for sale. m, which does not fit the budget of most buyers. The main demand is for apartments costing up to 150 thousand manats, which quickly find new owners.
The expert predicts that housing prices will rise by 20% this year.
“In areas close to the center, the price per square meter in new buildings already reaches 2,500 manats, although last year this figure was 2,000 manats. Price increases are mainly expected in the districts of Narimanov, Nizami, Yasamal, Khatai and Nasimi. In addition, the rise in prices will continue and in the land market, where a 20% increase in prices is also predicted compared to last year,” added Ramil Kasimzade.