Land prices in Azerbaijan’s Alat settlement are rising as investors and residents respond to the development of the Alat Free Economic Zone, the nearby seaport and planned transport infrastructure, according to a real estate expert.
Anar Nasirov told Demokrat.az that the increase primarily reflects stronger demand. His comments were also reported by Vesti Baku.
The free economic zone has drawn interest from local and foreign investors, while Alat’s proximity to the Baku International Sea Trade Port and major transport corridors makes nearby plots attractive for trade, logistics and other businesses, Nasirov said.
Private buyers are also looking at land for future homes. Some expect new factories and production facilities in the economic zone to create jobs and want to live close to potential workplaces.
Nasirov said expanded overland transport and plans for aviation infrastructure are adding to interest in the area. He expects additional industrial activity to increase demand for workers and, in turn, for nearby housing and land.
The reports did not provide a price per sot, the percentage increase or a comparison period. The scale of the increase therefore cannot be independently calculated from the published information.
Nasirov said prices could continue to rise if the economic zone expands and generates more jobs, though his comments represent a market assessment rather than a guaranteed forecast.