Some apartments in central Baku have become cheaper: what is happening in the real estate market

The real estate market is experiencing a seasonal upturn. Due to changes in demand, particularly in the segments of apartment rentals and country houses, prices and activity levels are shifting. Seasonal factors also affect the housing sales market.

As real estate expert Ramil Osmanli told Oxu.Az, the main changes are currently related to the rising cost of renting country houses on the coast.

According to him, following the increase in rental prices, the sale prices of country houses have also risen.

"At the same time, no price growth is observed in the housing market overall. Buyer activity has decreased, so apartment prices remain virtually unchanged. Moreover, some properties in the premium segment have even become cheaper. This primarily concerns apartments priced around 300,000-350,000 manats, located in central Baku and surrounding areas. In other price segments, prices remain stable.

While there are virtually no vacant land plots left in the city center, land prices in the suburbs continue to rise. Even in the most remote settlements of Baku, one hundred square meters of land costs more than 10,000 manats, and prices continue to increase. In some areas, the cost of one hundred square meters exceeds 50,000 manats. This indicates that land plots continue to be in high demand.

Overall, no significant price changes are occurring in the real estate market. The apartment rental market also remains relatively calm. It is expected that after the completion of the university admissions campaign, demand for rental housing will increase again," the expert noted.