The coronavirus pandemic (COVID-19), which lasted for several months, also had a difficult time for the real estate market in Azerbaijan. The stagnation in the real estate sector is still ongoing. Despite the summer season, travel to the regions is prohibited due to the quarantine regime. That is why people prefer country houses.
What is the situation in the rental housing market today?
Nusrat Ibrahimov, a real estate expert, told oxu.az.
He said that today there is a relative decline in prices in the real estate market:
"During the quarantine regime, there were 971 rental apartments in the real estate market in July. The analysis between them shows that the average monthly rent of an apartment fell from 842 to 765 manat in July. In percentage terms, rental prices fell by 9.14% in July.
During the current month, the cost of one square meter of rented apartments fell from 7 manat 93 kopecks to 7 manat 68 kopecks. In other words, there is a 3.3% decrease.
In July, prices for expensive apartments in the real estate market decreased by 7.93% to 1,000 manat, and in apartments from 500 to 1,000 manat - by 3.69%. There is a 5.76% reduction in the price of rental apartments up to 500 manat. That is, the largest decline is felt in the prices of expensive apartments. During the pandemic, the situation in the housing market in July, prices were expected to fall, "said the expert.
N.Ibrahimov noted that compared to the same period last year, there is an increase in rents. Prices in the housing market rose sharply, mainly in May-June.