AZE.US
Demand for housing in settlements around Baku has increased as more residents look beyond the city center, real estate experts say.
One of the key reasons is the ongoing demolition of unsafe and old buildings in the capital. Many residents affected by the demolition process are choosing to buy apartments or private houses in suburban settlements rather than remain in central districts, where prices have risen sharply.
Experts say the trend is also being driven by affordability. Some homeowners are selling properties in central Baku and using the money to buy larger homes, land plots or even several properties in outlying areas.
Real estate expert Elnur Farzaliyev said demand is growing in settlements such as Mashtagha, Kurdakhani, Hovsan, Pirshaghi, Ramana, Lokbatan and Zykh.
According to him, homes and land plots in these areas are still relatively affordable, but prices are expected to rise as demand grows and infrastructure improves.
Farzaliyev also noted that a new wave of demolitions in Baku could further increase demand for suburban housing.
Seasonal factors are adding to the pressure. The expert said prices for houses in these areas may rise by 10-15 percent during the summer, although a small correction of around 5 percent could follow in the autumn.
AZE.US