Baku's secondary housing market sees decline in prices

In September this year, prices in the real estate market declined by 4.25% and have risen by 11.01% compared to the same period of 2020 and 5.88% since the beginning of the year, said Nusrat Ibrahimov, chairman of the Azerbaijan Society of Appraisers and director-general of the MBA consulting and appraisal company.

The supply in the secondary housing market declined by 45.01% during the month and 30.38% compared to last year. Meanwhile, the supply in the primary housing market posted a 44.61% growth during the month and 67.77% from a year earlier.

Prices in the rental market increased by 13.16% during the month and 5.92% compared to last year. The supply demonstrated a 4.06% increase during the month and a 60.11% decline throughout the year.