AZE.US
The market for newly built apartments in areas around the Ganjlik and Narimanov metro stations has shifted to a new price level, with even unfinished two-room units no longer considered an affordable entry point.
A review of current listings shows that most “shell-and-core” apartments – sold without renovation – are priced between 200,000 and 270,000 manats. Units with standard layouts, mid-range floors, and typical sizes tend to cluster closer to 230,000–260,000 manats.
Cheaper listings still appear, sometimes below 100,000 manats, but these are typically outliers. They often involve top-floor units, limited layouts, or buildings with weaker resale appeal. Such offers do not define the market and instead create a misleading perception of affordability.
The bulk of listings presents a different picture. Apartments ranging from 70 to 90 square meters are consistently priced between 205,000 and 260,000 manats. Larger units – 90 to 120 square meters – frequently exceed 300,000 manats even without interior finishing.
In Ganjlik, the market shows slightly more variation, with some units in the 175,000–230,000 manat range for smaller sizes. However, well-positioned apartments quickly move into the 250,000+ bracket. In Narimanov, pricing is more rigid, with fewer lower-end options and a higher baseline.
On a per-square-meter basis, prices for unfinished units generally fall in the range of 3,000 to 4,000 manats, approaching levels previously associated with fully renovated properties.
The key shift is not only the rise in prices, but a change in how the market is structured. The lower-cost segment has largely disappeared or is limited to properties that fall outside typical buyer expectations.
As a result, two-room apartments near metro stations in these districts are no longer viewed as an accessible entry-level option. Even unfinished units are now firmly positioned in what was recently considered the upper tier of the market.