Housing paradox in Baku: there are no buyers, but prices continue to rise

The coronavirus pandemic, which has been going on for more than a year, has created economic problems in all countries of the world. The GDP of countries is decreasing, jobs are being closed and incomes of the population are falling. These factors have not bypassed the real estate market – in many countries of the world, housing began to fall in price. But the opposite picture is observed in Azerbaijan. Real estate is not only not getting cheaper, but on the contrary it is getting more expensive, especially in the secondary housing market.

Hqqin.az correspondents have studied the current situation in the real estate market in Baku. Since the beginning of this year, there has been a revival and a growing demand for apartments worth up to 200,000 manat.

Mushfig Mammadov, who has been buying / selling apartments for many years, notes that the housing market began to revive from mid-January.

“Since May last year, there has been a strong decline. During this period, I was able to sell only six homes. I closed the office and worked online to save on rent. There are very few buyers in the market, but prices are rising instead of The rise in prices is also observed for apartment rent. Despite the fact that students did not come from the districts, it is impossible to find apartments cheaper than 350-400 manats per month closer to the center. And people are looking for cheap housing, “he said.

According to him, over the past year, apartment prices have increased in Sabail, Nasimi, Narimanov and Khatai districts. So on the secondary market in the Sabail district it is almost impossible to find apartments cheaper than 1,500 manats per square meter. Although before the pandemic, in the side of the Badamdar settlement, apartments were sold for 1400-1450 manats per square meter.

The office for the purchase / sale of real estate, located near the Ahmadli metro station, reported that currently the greatest demand is observed for 1-2 room apartments.

“In new buildings located near the” Hazi Aslanov “metro station there are 1-2 room apartments with an area of ​​50-55 sq.m. They are sold for 80-85 thousand manats. At the same time, the same apartments near the” Inshaatchilar “metro station “You can’t find it for less than 120 thousand, and in Narimanov district – 130 thousand manats. Someone can urgently sell an apartment for a cheaper price, but this needs to be seized,” one of the brokers said.

According to him, over the past two weeks he was able to sell apartments in Ahmadli and microdistricts because prices are relatively reasonable there.

“Near the Khatai metro station, I do not have an apartment cheaper than 250 thousand manats. The largest price increase in recent years has been taking place in this area. As for private houses, in Masazir, Sulutepe, Balajar, Khirdalan and Hovsan, prices are relatively there are no stable and serious price increases, “he said.

The most expensive apartments in Baku are traditionally located on Nizami Street, Elmlyar Akademiyasy and May 28 metro stations. Prices for one-room apartments here start from one hundred thousand manats.

Brokers also note that earlier there were a large number of foreigners among the buyers of apartments.

“We came from Russia and bought apartments. Because of the pandemic, practically no one comes. Those who have money are in no hurry to buy apartments and are waiting for better times,” he said.