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COVID-19 pandemic triggers land price growth in Baku

COVID-19 pandemic triggers land price growth in Baku

Economy
14 May 2020, 12:18 139
The coronavirus pandemic (COVID-19) has affected the land market in Baku, Nusrat Ibrahimov, Director General of Azerbaijan’s MBA Group consulting company, real estate expert, told Trend.
He noted that in April, prices in Baku rose by 6.18 percent.
The price for 100 square meters of land rose from 20,097 manat ($11,821) to 21,338 manat ($12,551).
Ibrahimov noted that the reason for the price increase is due to decrease in offers on the land market.
"Those who put up for sale their land, changed their minds due to the pandemic outbreak. People prefer to wait out the post-pandemic period. This also leads to the decreasing the number of offers, and prices begin to rise,” said expert.