“For the past three years, property prices in Baku have been rising sharply. This has led to a shortage of buyers on the property market. Buyers prefer to wait.”
This opinion was expressed by Elnur Farzaliyev, a real estate expert, in his statement to Bakupost.az.
According to him, if we look at last year’s figures, we can see that most of the apartments were sold with mortgages and intra-bank loans:
“Most buyers want to buy an apartment with a mortgage loan. Currently, the selling price of one-room apartments in old buildings near the center, which can be mortgaged on the real estate market, ranges from 100 to 130 thousand manats. But in previous years it was possible to buy two- or three-room apartments at this price.”
E. Farzaliyev noted that the price increase in new construction is higher:
“Even when they apply for a mortgage loan, the prices do not correspond to the purchasing power of the citizen. The salary they receive is not enough to pay the monthly mortgage loan. Therefore, they cannot buy an apartment. People who can buy an apartment are also in a wait-and-see position. They think that there will be some kind of price reduction as demand increases, prices also rise. But as the economic situation in other areas improves, this may lead to a decrease in the price of apartments.”
