We are living in the last months of 2024. What is the current situation of the real estate market? Does the real estate market, which for years has been the place of hope for those who want to own an apartment, promise positive or negative notes to citizens?
In general, in recent times there has been a notable stagnation of buyers in the real estate sector. But the same cannot be said for real estate prices. Prices continue to rise.
“Caspian” newspaper article on the subject.
According to Elnur Azadov, executive director of the public union “Azerbaijan Association of Realtors”, this year the impact of various factors on real estate prices has been observed: “Starting this year, the number and volume of mortgage loans have decreased. As a result, the price has stabilized. It was observed, although slightly, since February and March. When mortgage loans began to be issued again, the lack of real estate affected the market. As a result, there was an increase of 5 to 7 percent. percent in some areas. “At the same time, prices for construction companies increased. Due to the lack of permits, the price of the limited number of apartments left in their hands has been artificially increased.”
E.Azadov said that although there were slight price increases between last year and this year, the market is practically stabilized: “There is no longer as much turmoil in the real estate market as before. Some price increases have been observed against the background of the arrival of students and prestigious events also the competition between construction companies. Although the number of apartments for sale is small, the number of houses purchased with mortgages has decreased drastically since the end of this year, because the banks’ mortgage resources are almost exhausted. .
According to the expert, it is a bit difficult to make a forecast for the real estate market in 2025: “Because construction companies have been told that construction orders will start at the end of the year. If the number of permits increases, competition will gradually increase “. and prices will stabilize, otherwise there will be no competition and the prices of apartments for sale will also increase.”
Anar Nasirov, an expert in real estate issues, believes that although the purchasing power in the market this year is weak compared to last year, prices have increased: “The impact of the increase in costs of construction companies is felt in the En There are no new projects in the real estate market. In addition, there are few apartments for sale. This also influences prices in the last 2 or 3 months.
A. Nasirov also clarified the situation in the rental housing market: “Prices in the rental housing market increase almost every day. Before, every day there were 15-20 apartments on the rental market, now that number is a maximum of five “Every year there is a decrease in the number of apartments put on the market. For this reason, prices increase. At the moment, the apartment advertised on the advertising site finds its owner after 15 to 20 minutes.”
According to A. Nasirov, the price increase in the real estate market will not subside until the end of the year: “Price increases will continue after November. This will be most noticeable in apartments with deductions. The increase in prices The supply of apartments with deductions and eligible for mortgages affects the entire market. MTK themselves introduce a policy of releasing apartments to the market, which generates high prices on the market.”
According to A. Nasirov, people used to buy more houses with a courtyard, but now the situation has changed a lot: “Since there are no documents for houses with a courtyard, interest in them has decreased. Most people concentrate on building houses There is greater demand for areas closer to the center, which affects prices. Titled houses are also offered at a higher price on the resale market.
In the end, our interviewer pointed out that if the problem of undocumented houses is resolved, we may see changes in prices: “The problems related to undocumented houses should be resolved by the end of this year. If those apartments also enter the market real estate “Prices will go down even slightly. But it is absurd to expect a sharp drop in prices, because this is impossible at a time when living conditions are becoming more and more expensive around the world.”
