Apartments on secondary market of Baku continue to decrease in price

By Trend

Prices on the secondary real estate market in Baku continue to decrease, the Director of the consulting company MBA Group Nusrat Ibrahimov told Trend.

"Prices in the capital's secondary housing market decreased by 2.29 percent in February 2022," Ibrahimov said.

According to him, interest in apartments in old buildings is gradually declining.

"The sale of apartments in old houses has become a problem and in this regard prices have been falling for three consecutive months. Mortgages are not issued for apartments built before the 1970s. At one time, apartments in “Stalinka” apartment buildings (built in 1950s) were the most expensive, but today they either do not sell, or are sold with great difficulty. Buyers are looking for apartments only in new buildings. Due to a decrease in interest in apartments in the secondary market, prices are reduced," Ibrahimov said.