AZE.US
New-build apartments outside Baku can no longer be treated as an automatically inexpensive alternative to the capital.
In a review of current asking prices, the typical rate reached about 1,900 manats ($1,118) per square meter in Sumgayit and 1,760 manats ($1,035) in Guba, while individual apartments in Ganja, Mingachevir and Sheki were listed above 2,000 manats ($1,176) per square meter.
Lankaran remained the most affordable established market in the comparison, with most listings ranging from roughly 850 to 1,300 manats ($500–$765) per square meter. Even there, however, apartments in newer projects with modern infrastructure could cost 1,600–1,700 manats ($941–$1,000) per square meter.
AZE.US reviewed current listings for new-build apartments in Sumgayit, Ganja, Lankaran, Guba, Gusar, Mingachevir, Sheki and Gabala. The figures represent sellers’ asking prices, not completed transaction prices.
Detached homes, villas, rental listings and advertisements that showed only a down payment rather than the property’s full price were excluded. The apartments are not identical: some are unfinished, while others include renovations, furniture and registered title documents. The figures should therefore be read as market ranges, not as an official property-price index.
Asking Prices per Square Meter
| City | Main Asking Range | Typical Sample Level | Estimated Cost of 60 m² |
|---|---|---|---|
| Sumgayit | 1,600–2,200 manats ($941–$1,294) | about 1,900 manats ($1,118) | about 114,000 manats ($67,100) |
| Guba | 1,250–2,000 manats ($735–$1,176) | about 1,760 manats ($1,035) | about 106,000 manats ($62,400) |
| Mingachevir | 1,300–1,900 manats ($765–$1,118) | about 1,650 manats ($971) | about 99,000 manats ($58,200) |
| Sheki | 1,100–2,100 manats ($647–$1,235) | about 1,600 manats ($941) | about 96,000 manats ($56,500) |
| Ganja | 1,250–1,900 manats ($735–$1,118) | about 1,580 manats ($929) | about 95,000 manats ($55,900) |
| Gusar | 1,000–1,400 manats ($588–$824); premium projects at 1,650–1,900 ($971–$1,118) | about 1,380 manats ($812) across the full sample | about 83,000 manats ($48,800); from 99,000 manats ($58,200) in a new complex |
| Lankaran | 850–1,300 manats ($500–$765); premium units up to 1,600–1,700 ($941–$1,000) | about 1,120 manats ($659) | about 67,000 manats ($39,400) |
| Gabala | isolated listings at roughly 700–2,100 manats ($412–$1,235) | no reliable median | project-specific |
The calculations are based on listings available on Aug. 26, 2026. The “typical sample level” is the rounded median: half the reviewed listings were priced below that point and half above it.
Sumgayit: Baku Proximity and a Boulevard Premium
Sumgayit had both the largest and the most expensive new-build apartment market outside the capital. Current listings showed apartments of 75–118 square meters offered for roughly 135,000–230,000 manats ($79,400–$135,300). Units near the boulevard, particularly those with sea views, renovations and title documents, frequently exceeded 2,000 manats per square meter.
One 67-square-meter apartment on Boulevard Street was listed for 158,000 manats ($92,900), or approximately 2,360 manats ($1,388) per square meter. Elsewhere in the city, asking prices more commonly fell between 1,600 and 2,000 manats. The upper end of the sample approached 2,600 manats ($1,529) per square meter, while the median stood at about 1,900 manats.
A budget of 100,000 manats ($58,800) would generally buy around 50–65 square meters in Sumgayit. More space may be available in an unfinished building, farther from the boulevard or in a project still under construction.
Guba: Limited Supply Supports High Prices
The supply of apartments in modern multi-story buildings remains limited in Guba. Available units of 47–90 square meters were priced from 69,000 to 145,000 manats ($40,600–$85,300), translating into approximately 1,250–2,000 manats per square meter. The median benchmark was about 1,760 manats.
A 48.4-square-meter apartment, for example, was listed at 87,500 manats ($51,500), or 1,810 manats ($1,065) per square meter. Other offers included 70 square meters for 125,000 manats ($73,500) and 73 square meters for 145,000 manats ($85,300).
The relatively high price reflects limited construction, tourism demand and a shortage of quality apartments in modern buildings. Unlike Sumgayit, where buyers can choose from hundreds of listings, one unusually expensive property can significantly move Guba’s market average.
Mingachevir: Small Apartments Push Up the Rate
Mingachevir emerged as one of the more expensive regional markets. Most listings were priced at 1,300–1,900 manats per square meter, with a median of about 1,650 manats.
Apartment size had a major effect. One-room units of 32–35 square meters were listed for 65,000–68,000 manats ($38,200–$40,000), equivalent to roughly 1,900–2,125 manats ($1,118–$1,250) per square meter. Larger three-room units of 70–80 square meters more often fell between 1,250 and 1,700 manats per square meter.
The high per-square-meter figure does not necessarily mean that an entire apartment costs more than one in Ganja or Sumgayit. Renovation, utility and documentation costs are simply spread across a smaller floor area.
Ganja: A Larger Market With a Wide Price Gap
Ganja has developed one of Azerbaijan’s most active regional apartment markets. In the current sample, units of 70–110 square meters were commonly offered for 105,000–156,000 manats ($61,800–$91,800).
Most asking prices ranged from about 1,250 to 1,900 manats per square meter, while the median was around 1,580 manats. The market included units below 1,100 manats per square meter as well as renovated or smaller apartments priced above 2,000 manats.
A 100,000-manat budget would generally cover approximately 55–80 square meters in Ganja, depending on the district, construction stage, renovation and availability of a registered title.
Sheki: Few Listings, but No Longer a Cheap Market
Only a small number of current listings were found in Sheki, making its median less stable. Asking prices ranged from roughly 1,100 to 2,100 manats per square meter, with the center of the sample at about 1,600 manats.
The offers included 55-square-meter apartments priced at 85,000 and 120,000 manats ($50,000 and $70,600), a 92-square-meter unit at 185,000 manats ($108,800), and a 124.8-square-meter unit at 146,000 manats ($85,900). The wide gap shows how heavily the building, renovation and exact location affect pricing in a thin market.
Gusar: Two Markets in One City
Gusar has two distinct apartment markets: conventional urban housing and newer complexes marketed for recreation and investment.
Apartments in standard buildings were generally listed at 1,000–1,400 manats per square meter. Examples included 83 square meters for 118,000 manats ($69,400), 88 square meters for 110,000 manats ($64,700), and 84 square meters for the same price.
Newer complexes offering security, parking, recreational areas and mountain views raised the rate to 1,500–1,900 manats per square meter. In one project, apartments of 51.5–82.3 square meters were priced at approximately 1,650–1,900 manats per square meter. A furnished 62-square-meter apartment was listed for 115,000 manats ($67,600), or about 1,850 manats ($1,088) per square meter.
The overall median of 1,380 manats therefore understates the cost of a modern resort-oriented property. Buyers considering a newly developed complex should expect at least 1,650–1,900 manats per square meter.
Lankaran: The Most Affordable Established Market
Lankaran remained the least expensive city in the comparison. Most new-build listings were priced at approximately 850–1,300 manats per square meter, producing a median of around 1,120 manats.
Current offers included 53 square meters for 58,300 manats ($34,300), 78 square meters for 73,000 manats ($42,900), 90 square meters for 72,000 manats ($42,400), and 116 square meters for 110,000 manats ($64,700). At the Park Lankaran residential complex, a 61-square-meter apartment was offered for 76,250 manats ($44,900), or 1,250 manats ($735) per square meter.
Larger renovated units in better locations reached 1,600–1,700 manats per square meter. Nevertheless, a 100,000-manat budget could still buy approximately 75–110 square meters in Lankaran.
Gabala: A Villa Market, Not an Apartment Market
Gabala was the hardest city to compare. Real estate portals frequently classify newly constructed private houses and villas as “new builds,” leaving very few genuine apartments in multi-story buildings. On one major portal, the current Gabala results were dominated by house rentals, with almost no apartments listed for sale.
The few identifiable apartment offers produced calculated rates ranging from roughly 700 to 2,100 manats per square meter. That spread is too wide to support a reliable citywide median.
An ordinary apartment may fall around 1,200–1,600 manats ($706–$941) per square meter, while a modern property in a tourism-oriented location may command 1,500–2,100 manats ($882–$1,235). These are indicative estimates that must be checked against the specific project.
Gabala’s central distinction is that an apartment buyer is not entering a broad local market for multi-story housing. The buyer is competing with demand for tourism property, allowing a good new unit to carry a high price despite limited year-round demand.
Regional No Longer Means Cheap
The comparison shows that prices outside Baku are shaped by more than local incomes. Proximity to the capital, tourism, limited construction, apartment size, renovation and title documentation all affect the final asking price.
Sumgayit has effectively become an extension of the capital’s housing market. New waterfront apartments can cost more per square meter than some developments on Baku’s outskirts, where current offers can be found at approximately 1,350–1,550 manats ($794–$912) per square meter.
Guba, Gusar and Gabala carry a tourism premium, but their apartment supply remains limited. Ganja has the most developed regional market after Sumgayit, while small apartments push Mingachevir’s per-square-meter figures higher. Lankaran continues to offer the greatest amount of space for the money.
The central conclusion is that searching outside Baku is no longer enough to guarantee a bargain. Buyers must compare market segments as well as cities. An apartment near Sumgayit’s boulevard or in a new Gusar resort complex may cost more than a unit on Baku’s outskirts, while the same budget in Lankaran can buy nearly twice as much space.
AZE.US