AZE.US
The average apartment price in Baku has reached 2,934 manats ($1,726) per square meter, with housing costs rising over the past year in all 12 administrative districts, according to new calculations by the Azerbaijan Society of Appraisers.
The highest district-wide average was recorded in Sabail at 4,132 manats ($2,431) per square meter, followed by Narimanov at 3,870 manats ($2,276) and Nasimi at 3,724 manats ($2,191), according to Vesti Baku.
The assessment considered location, access to transportation, the age and type of building, renovation condition, layout, legal documents and nearby infrastructure.
Average Prices Across Baku’s Districts
- Sabail: 4,132 manats ($2,431) per square meter;
- Narimanov: 3,870 manats ($2,276);
- Nasimi: 3,724 manats ($2,191);
- Yasamal: 3,361 manats ($1,977);
- Khatai: 3,343 manats ($1,966);
- Sabunchu: 3,248 manats ($1,911);
- Nizami: 2,701 manats ($1,589);
- Binagadi: 2,540 manats ($1,494);
- Garadagh: 2,028 manats ($1,193);
- Surakhani: 1,996 manats ($1,174);
- Khazar: 1,628 manats ($958);
- Pirallahi: 1,452 manats ($854).
Dollar equivalents are approximate and use Azerbaijan’s official exchange rate of 1.7 manats per U.S. dollar.
Most Expensive District Is Nearly 2.85 Times Costlier
The average price per square meter in Baku’s most expensive district is nearly 2.85 times the level in the least expensive district.
Prices for individual properties vary more widely. The upper end in Nasimi reaches 6,546 manats ($3,851) per square meter, while the lower end in Pirallahi begins at 1,022 manats ($601).
For Baku as a whole, the appraisers set the average benchmark at 2,934 manats per square meter. The average upper level is 4,015 manats ($2,362), while the lower level is 2,026 manats ($1,192).
The organization said these are market averages. The value of a particular apartment depends on the condition of the building and unit, ownership documents, layout, renovations and access to transportation.
AZE.US