AZE.US
Garage prices in Baku remain sharply divided, with asking prices ranging from around 12,000 manats ($7,100) for basic structures without formal ownership documents to nearly 60,000 manats ($35,300) for parking spaces in prestigious residential developments.
AZE.US reviewed more than 20 recent listings published or updated in late June and early July to assess how the market has changed since the spring.
Large commercial garages, repair shops and industrial facilities were excluded from the comparison. The review focused on ordinary garages and individual parking spaces offered for sale or rent.
Central Baku Prices Remain Above 50,000 Manats
In April, garages near the 28 May metro station were generally listed for between 50,000 and 55,000 manats, or roughly $29,400 to $32,400.
Recent listings suggest that this price range has largely held.
One parking space measuring 15.2 square meters on Rashid Behbudov Street was offered for 51,000 manats ($30,000), equivalent to more than 3,300 manats per square meter.
In the Narimanov district, a 20-square-meter garage beneath the Baku Medical Plaza building was listed for 53,000 manats ($31,200).
Another 28-square-meter parking space in the White Stone residential complex was offered for 52,000 manats ($30,600).
Cheaper options can still be found in Narimanov, with some garages listed for between 20,000 and 38,000 manats. The difference usually reflects the type of building, the location inside the parking facility and whether the property has official documentation.
White City Parking Nears 60,000 Manats
Some of the most expensive listings remain in Baku White City.
An 18-square-meter parking space with an ownership extract was listed for 59,900 manats, or about $35,200.
Another garage in the Park Çinar 5 development, described as large enough for two vehicles, was offered for 46,500 manats ($27,400).
At these prices, a single parking space in a premium residential complex can cost as much as a small apartment or a plot of land outside central Baku.
More Affordable Options Start Near 20,000 Manats
Outside the city center, prices are considerably lower.
A 20-square-meter parking space with an ownership extract in the Grand Hayat complex near the 8 November metro station was listed for 25,500 manats ($15,000).
Near the Nizami metro station, a 20-square-meter garage without an ownership extract was offered for 25,000 manats ($14,700).
A similar garage near the Hazi Aslanov metro station was listed at the same price.
Near Neftchilar, a 42-square-meter garage without an ownership extract was offered for 35,000 manats ($20,600).
In the Bakikhanov settlement, a 22.5-square-meter parking space in the Bakıxanov Residence complex was listed for 37,000 manats ($21,800).
In Yeni Yasamal, a 56-square-meter garage with an ownership extract, electricity, water and a bathroom was offered for 43,000 manats ($25,300). The facility could potentially be used as storage or for limited commercial purposes.
Prices in the Same District Can Differ Several Times Over
The Yasamal district provides one of the clearest examples of the market’s wide price gap.
A basic 20-square-meter metal garage without an ownership extract near Space TV was offered for 12,000 manats ($7,100).
A brick garage with formal documentation near Yasamal Market was listed for 30,000 manats ($17,600).
Near the Elmlar Akademiyasi metro station, listings ranged from 18,500 manats ($10,900) for a small parking space to 66,000 manats ($38,800) for a documented property being used as a car wash.
The 66,000-manat property was reportedly generating monthly rental income of 500 manats ($294), making it closer to a commercial investment than an ordinary garage.
The figures show why a single average price for an entire district can be misleading. A basic parking space, a documented garage and an income-producing commercial property are fundamentally different assets.
Garage Rent Usually Ranges From 150 to 300 Manats
The rental market is more consistent.
Near 28 May, small garages were offered for between 150 and 300 manats per month, or approximately $88 to $176.
In the Narimanov district, parking spaces for one vehicle generally ranged from 200 to 300 manats. One garage close to the metro station was listed for 240 manats ($141) per month.
Near Elmlar Akademiyasi, small garages were offered for around 170 to 190 manats.
A larger 36-square-meter property suitable for storage or other uses was listed for 290 manats ($171) per month.
In the 9th microdistrict, a 24-square-meter brick garage was offered for 220 manats ($129).
Larger spaces measuring 40 to 50 square meters, particularly those suitable for workshops, storage or commercial use, can command monthly rents of 450 to 600 manats, or roughly $265 to $353.
No Clear Market-Wide 10% Increase Yet
A review of current listings does not yet confirm a uniform 10% increase across the Baku garage market.
In April, garages near 28 May were generally priced at 50,000 to 55,000 manats, while typical listings in Narimanov ranged from 45,000 to 55,000 manats.
By early July, the upper end of the market remained at roughly the same level.
The more significant change appears to be the widening gap between different categories of property.
Well-located parking spaces with formal ownership documents continue to command high prices. Older garages without registration remain substantially cheaper and may stay on the market for longer periods.
For most buyers, the effective market range is currently between 20,000 and 35,000 manats, or approximately $11,800 to $20,600.
In central Baku and premium residential complexes, buyers should expect prices of between 45,000 and 60,000 manats, or about $26,500 to $35,300.
Monthly rent for an ordinary garage in most districts generally ranges from 150 to 300 manats.
The prices listed above are asking prices. Final transaction values may be lower following negotiations between buyers and sellers.
AZE.US