12:03 - 19.06.2023

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June 19, Fineko/abc.az. As old and dilapidated buildings are demolished, housing market prices are also rising.

ABC.AZ reports that property expert Elnur Farzaliyev says that house prices have been stable for some time, since the demolition of buildings under the pilot project has stopped. But recently, a serious jump in prices has been recorded again, when buildings with expired service life were demolished in the city center and new ones were erected in their place.

The expert believes that the main reason for the rise in prices in the housing market is that when demolishing old buildings, construction companies try to compensate for the most part in the form of money, not housing. This leads to an artificial increase in prices on the market.

Realtor Hashim Gadirov says that the pilot project has led not only to an increase in prices in the housing market, but also increased prices for rental housing, which is related to demand.

Experts say that because of the demolition in the capital, apartments in old buildings have also risen in price. The main reason for this is that the company that demolishes these buildings provides the apartment owner with more spacious and renovated housing.