Why did the price of apartments in Baku increase? – DISCLOSURE |
At the end of August and September, a sharp price increase was observed in the rental housing market. One of the reasons for this was that students went to Baku. The fact that the prices were much higher compared to the previous months created difficulties for those looking for a rental apartment.
But in the current rental housing market prices how is it Are there any developments compared to that period?
Realtor, realtor Mulkadar Rustamov spoke about the current situation in the rental housing market. He noted that the price increase in the rental housing market continues today:
“In September-October, there was too much revival in the rental housing market and it almost became very difficult to find an apartment. Currently, this situation continues to this day. The reason was not only the students who flocked to Baku from the regions. Baku massive demolitions have started in the city, which is one of the main reasons. In previous years, students played more roles. In addition Ukraine–Russia due to the war, our compatriots from abroad flocked to our country and they also stayed on rent. December and january especially the biggest problem in Russia citizens came to our country. They also take the houses that are given on a monthly basis. Our observations have also shown that Russian customers with a very good financial situation are more well-furnished and luxurious to apartments they preferred. Since we have very few such apartments, they took daily apartments and guest houses. In other words, that situation continues.”
Mulkadar Rustamov also noted that there is an increase in the prices of apartments for sale:
“The prices of the apartments for sale here are also the same 20There was a 30 percent increase. For example, if a two-room apartment in the 9th microdistrict was sold for 90-95 thousand manats, now this figure is around 110-115 thousand. The same increase is observed in three-room and other apartments. The main reason for its revival was demand exceeding supply. For this reason, apartments are almost impossible to find. Whoever wants to sell an apartment, 5-10 the customer is attracted and sold faster. This causes the price of other apartments to increase. Since the main part of the sale is realized by mortgage, the real estate market has a high level of both rental and sale apartments. The only problem is that there are very few apartments for sale. This will cause the price increase to continue for a long time.”
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