Devaluation to Raise Demand and Prices in Real Estate Market

In March 2024 in Baku, the average price of the consumer basket (CC) for 30 types of basic food products of domestic production, compiled by Turan Agency, rose by 5%.

In March 2024, the lending situation in 5 banks in Azerbaijan changed. Banks have revised the percentage of consumer loans issued in manats.

In March 2024, the situation with accepting deposits in 2 banks of Azerbaijan changed. Banks have revised the percentage of classic deposits placed in manats and US dollars.

Over the past six years, the construction sector in Baku, the capital of Azerbaijan, has seen a significant increase in prices for building materials, which marked a difficult period for both industry professionals and consumers. From March 2018 to March 2024, the average price increase for building materials was an astounding 27%, highlighting a trend that affects the entire range of construction projects, from residential buildings to commercial projects and infrastructure projects.