Real estate prices may decline in Azerbaijan next year
Director of Azerbaijan’s Koneko Group appraisal company Vugar Oruj told “property prices in the coming year may be reduced by 5-10 percent.”
He added “As a result of the implementation of social housing construction projects, we see an increase in supply in the market.”
Oruj in the statement “Thus, supply is expected to increase in 2019, which will lead to low prices in the Azerbaijani real estate market.”
Oruj continued as follows
Presently, few deals are struck in the Azerbaijani real estate market but there is certain revival.
Sellers cannot sell real estate in the market in a short period of time.
We see such facts that after a certain period of time, there is a decline in real estate prices.
This shows that the owners cannot quickly sell real estate in the market and are forced reduce the initial price.
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