Turnover of real estate market in Azerbaijan grew by 38.6% and exceeded AZN 3.495 bn in 2013 | Katonah NY Homes

Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that turnover of the country’s residential property market for the first 11 months of 2013 increased by 38.6% against the same term of 2012. In 2012 the index grew by 24.86% against 2011.

According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 3.495 bn by 1 December 2013 versus AZN 2.52 bn a year earlier.

At the same time transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.548 bn for Jan-Nov 2013 versus AZN 1.1 bn a year earlier (+40.45%), and the withdrawals from these accounts AZN 1.947 bn versus AZN 1.419 bn (+37.22%).

At that, the CBA reports of a rise in revenues of mediators (banks, notary’s offices and realtors) for residential real estate transactions by 25.99% for Jan-Nov of 2013. As of 1 December 2013 mediators’ earnings were AZN 399.119 million versus AZN 316.795 million a year earlier.

Last year’s turnover of residential property totaled AZN 2.828 bn versus AZN 2.265 bn in 2011. At that, transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.599 bn versus AZN 1.2 bn a year earlier (+31.81%), and the withdrawals from these accounts AZN 1.228 bn versus AZN 1.05 bn (+16.84%). Last year mediators’ earnings grew 2.29-fold up to AZN 371.307 million versus AZN 162.3 million a year earlier.

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