AZE.US
AZE.US compared asking prices for one- and two-room apartments in three metro-served residential areas of Baku, Yerevan and Tbilisi. Among the selected locations, Saburtalo offers the lowest entry point for older housing, Arabkir has the highest typical price per square meter, and Ganjlik generally falls between them.
A buyer looking for a two-room apartment near Baku’s Ganjlik metro station now needs a budget of at least 160,000–180,000 manats ($94,000–$106,000). Larger, better-located or recently renovated units frequently cost between 220,000 and 300,000 manats ($129,000–$176,000).
But how do these prices compare with similar parts of Yerevan and Tbilisi?
AZE.US reviewed current and recently updated property listings in three selected locations:
- Ganjlik and nearby parts of Narimanov in Baku;
- the Komitas-Barekamutyun section of Arabkir in Yerevan;
- the Pekini-Technical University section of Saburtalo in Tbilisi.
These locations are comparable primarily in terms of accessibility and infrastructure. All three are near the city center, served by metro and surrounded by universities, parks, shops and established residential communities. They also contain both older apartment blocks and modern residential developments.
They are not identical in prestige.
Arabkir generally occupies a higher market position than the area around Ganjlik, while Saburtalo is a much larger and more internally diverse district. The comparison therefore reflects prices in the selected locations, not the housing markets of Baku, Yerevan and Tbilisi as a whole.
Apartment Prices Compared
The table shows the typical asking-price ranges observed on Aug. 25, 2026. These are prices advertised by sellers, not officially registered transaction values.
Clearly atypical properties, including communal rooms, basements, attics, oversized apartments and ultra-luxury units, were excluded from the main ranges.
| Selected Location | Building Type | One-Room Apartment | Two-Room Apartment | Typical Price per Square Meter |
|---|---|---|---|---|
| Baku, Ganjlik | Older building | 120,000–155,000 manats ($71,000–$91,000) | 165,000–220,000 manats ($97,000–$129,000) | $1,700–$2,400 |
| Baku, Ganjlik | New building | 145,000–180,000 manats ($85,000–$106,000) | 180,000–300,000 manats ($106,000–$176,000) | $1,800–$2,800 |
| Yerevan, Arabkir | Older building | $90,000–$120,000 | $105,000–$155,000 | $2,100–$3,000 |
| Yerevan, Arabkir | New building | $110,000–$130,000 | $145,000–$205,000 | $2,400–$3,300 |
| Tbilisi, Saburtalo | Older building | $69,000–$88,000 | $80,000–$120,000 | $1,700–$2,400 |
| Tbilisi, Saburtalo | New building | $85,000–$125,000 | $105,000–$160,000 | $2,000–$3,000 |
A “one-room apartment” generally means a property with one main living room. A “two-room apartment” usually includes a living room and one bedroom. Layout standards vary, particularly in new developments where open-plan kitchens and converted studios are common.
Currency conversions use official Aug. 25 rates of 1.70 manats, 364.6 Armenian drams and 2.6121 Georgian lari per U.S. dollar.
Ganjlik: One-Room Apartments Approach 150,000 Manats
One-room apartments measuring approximately 30–45 square meters in older buildings near Ganjlik are generally listed for between 120,000 and 155,000 manats ($71,000–$91,000).
Recent listings included:
- 35 square meters for 119,000 manats;
- 40 square meters for 147,000 manats;
- 45 square meters for 165,000 manats.
Compact apartments within walking distance of the metro can have particularly high prices per square meter. Because their total floor space is limited, some one-room apartments cost more per square meter than larger two-room properties.
Two-room apartments in older buildings show a wider range. Units measuring 55–70 square meters are generally advertised for approximately 164,000–230,000 manats ($96,000–$135,000).
Listings for 65-square-meter apartments included asking prices of 164,000, 190,000, 210,000 and 215,000 manats. Renovated apartments near Ataturk Park or directly beside the metro can reach 220,000–240,000 manats.
Current examples can be found in Bina.az listings for one-room and two-room apartments around Ganjlik.
New Ganjlik Apartments Show a Wide Price Range
The new-build market is considerably less uniform.
A 31-square-meter one-room apartment was listed for 145,000 manats, while a 57-square-meter unit near Ataturk Avenue was offered for 175,000 manats. Smaller 34-square-meter properties have appeared at approximately 119,000 manats.
Genuine one-room units are relatively uncommon in new developments around Ganjlik. Developers frequently build larger studios that owners later convert into two-room apartments.
Recent two-room listings included:
- 40 square meters for 160,000 manats;
- 50 square meters for 156,000 manats;
- 60 square meters for 180,000 manats;
- 70 square meters for 220,000 manats;
- 60 square meters for 281,000 manats;
- nearly 99 square meters for 296,000 manats.
In higher-end developments, a 73-square-meter apartment can cost approximately 350,000 manats. Some luxury projects advertise two-room properties above 600,000 manats, but such units do not represent the broader market.
A realistic budget for a completed two-room apartment in a modern building around Ganjlik is approximately 200,000–280,000 manats ($118,000–$165,000).
Properties below 180,000 manats are more likely to have limited floor space, require additional work or be located farther from the metro.
Arabkir: The Highest Prices in the Selected Locations
Arabkir is one of Yerevan’s most sought-after residential districts. The comparison focuses on the Komitas-Barekamutyun section, which offers metro access, universities, established commercial infrastructure and a mixture of Soviet-era and newer apartment buildings.
One-room apartments in older stone buildings around Komitas Avenue and Hakob Hakobyan, Kievyan and Hrachya Kochar streets generally cost $90,000–$120,000, equivalent to approximately 33 million–44 million Armenian drams.
Recent listings included:
- 30 square meters on Komitas Avenue for $87,000;
- 37–40 square meters for approximately $110,000;
- 41 square meters on Hakob Hakobyan Street for $122,000.
Two-room apartments in older buildings typically cost between $105,000 and $155,000. Renovated properties near the metro or in stone buildings with high ceilings can reach $165,000–$170,000.
In new developments, a one-room apartment measuring 44–45 square meters generally costs $110,000–$120,000. One 45-square-meter property on Komitas Avenue was listed for $110,000.
Two-room apartments in newer Arabkir buildings usually cost $145,000–$205,000. Premium developments near Baghramyan Avenue and Barekamutyun station can exceed $225,000.
Among the three selected locations, Arabkir recorded the highest typical cost per square meter, particularly in new developments where asking prices frequently reach $2,700–$3,300.
This does not mean that Yerevan is more expensive than Baku or Tbilisi in every district. Apartments in more distant parts of the Armenian capital may be substantially cheaper than properties around Ganjlik.
Saburtalo: The Lowest Entry Point for Older Housing
Saburtalo is larger and more diverse than either Ganjlik or the selected section of Arabkir. To make the comparison more focused, the review concentrated on the area around Pekini, Mirotadze, Gamrekeli, Khvichia and Shartava streets.
One-room apartments in older buildings can still be found for approximately $69,000–$76,000.
A 40-square-meter apartment on Khvichia Street was listed for $69,000, while a 36-square-meter property on Gamrekeli Street was offered for $76,000.
A typical budget for a conventional one-room apartment in this part of Saburtalo is approximately $70,000–$88,000, or 183,000–230,000 lari.
Two-room apartments in older buildings generally cost $80,000–$120,000. Very small properties measuring 30–35 square meters may be available for $56,000–$80,000, while a conventional two-room apartment of 50–60 square meters near the metro usually costs at least $100,000.
Prices rise significantly in new developments:
- one-room apartments generally cost $85,000–$125,000;
- two-room apartments cost $105,000–$160,000;
- properties in new high-rise developments around Shartava and Pekini streets can reach $180,000 or more.
A newly built 57-square-meter two-room apartment on Shartava Street was listed for $157,000. On Pekini Street, some 54-square-meter apartments are being offered for approximately $150,000.
What the Comparison Actually Shows
The analysis does not establish whether apartments are more expensive across Baku, Yerevan or Tbilisi as a whole. It reflects asking prices in three selected locations that share similar transport access and infrastructure but differ in size and market status.
Among these areas, central Saburtalo offers the lowest entry point for older housing. One-room and two-room apartments near the metro in this part of Tbilisi are generally cheaper than comparable properties around Ganjlik.
Ganjlik usually occupies the middle position. Its older apartments are more expensive than similar properties in the selected part of Saburtalo but generally cheaper than those in Arabkir.
In the new-build market, the difference between Ganjlik and Saburtalo largely disappears. Their price ranges overlap considerably, although higher-end developments can push Ganjlik’s upper limit above that of standard Saburtalo projects.
Arabkir remains the most expensive of the three selected locations, but its higher prices may reflect the district’s stronger residential status rather than the Yerevan market as a whole.
The advertised total can also be misleading. A one-room apartment priced at 145,000 manats ($85,000) in Baku may measure only 31 square meters, while a similar budget can occasionally buy a conventional two-room apartment in Tbilisi.
Buyers should therefore compare floor space, price per square meter, building condition, renovation quality, distance from the metro, ownership documents and parking, not simply the advertised number of rooms.
The accurate conclusion is narrower: among the selected neighborhoods, older apartments around Ganjlik are generally more expensive than comparable units in central Saburtalo but less expensive than those in Arabkir. New-build prices in Ganjlik and Saburtalo overlap considerably, while Arabkir has the highest typical price per square meter in this specific comparison.
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