Apartment prices have increased in several districts of Baku

In recent months, there has been a noticeable increase in real estate prices. In January-February 2024, apartment prices in Baku increased by 10-11 percent compared to last year and by 2 percent compared to December.

According to BAKU.WS, this trend is expected to continue until the summer months, with prices rising by an additional 3-4 percent.

Main reasons for the price increase

One of the key factors is the passivity observed in the housing market. The decrease in the number of purchase and sale transactions and the slowdown in the pace of new building sales lead to an artificial increase in prices. In addition, the rising cost of construction materials, increasing expenses in the construction sector, and stable demand for real estate play an important role in price increases.

What is the situation in the rental market?

Although there was an increase in rental apartment prices in September-October, the market is currently in a stable state. Most experts predict a new rise in rental rates in the summer due to the beginning of the academic season.

Location factor is losing importance

Previously, an apartment's price was mainly influenced by its location. However, recently this factor has been gradually losing its significance. In particular, apartments located near the metro stations "Ahmedli," "Khalqlar Dostlugu," "Azi Aslanov," "Nariman Narimanov" are now offered at prices comparable to the city center.

At the same time, demand for expensive homes is higher in Yasamal, Khatai, and Narimanov districts. These areas generate greater interest among buyers due to their developed infrastructure and convenient transportation options.