In Baku’s Yeni Ramana settlement, particularly in the areas known as “Shusha Ramana” and “Sovxoz Ramana”, a decrease in the prices of courtyard houses is being observed.
elchi reports, citing Metbuat.az, that compared to January-February of this year, houses in the settlements surrounding Baku, including the residential areas known as “Shusha Ramana” and “Sovxoz Ramana”, have become significantly cheaper. Courtyard houses that were offered for 60-65 thousand manats three months ago are now being sold for 45-50 thousand AZN. A similar situation is observed in the settlements of Bilejeri, Keshla, Bina, Bul-bula, Zabrat, Mahammadi, and the city of Khirdalan.
Ali Ahmadov, who is involved in real estate trading, linked the decline in house prices in the settlements surrounding Baku to two factors in his statement to our website: “During the incessant rains in March and April, most of the houses were flooded. More than a hundred families had to leave their homes in the area called ‘Shusha’ town. It was impossible to live even in houses built on five or six foundation stones. As a result of the rainwater, more than 20 houses in ‘Sovxoz Ramana’ also became unusable. Residents want to sell those houses for a pittance and move to other areas. This is the main reason for the decline in house prices in the settlements surrounding Baku.”
The expert said that another reason for the price drop is that these houses do not have a title deed (chikharish): “The houses offered for sale at a low price were built on construction-designated lands purchased with municipal documents. Residents mainly live in these houses based on a 99-year lease agreement. Since they lack proper documentation, the state did not pay compensation for these houses that were damaged when it rained. Undoubtedly, this factor affects the prices of the houses.”
Ali Mammadov also stated that houses in the mentioned areas are built in accordance with existing construction regulations. According to him, the prices of those houses remain stable.