Land prices in Baku rose an average of 17.9% over the year, while prices for apartments in new buildings increased 14% and secondary-market apartments gained 10.8%.
The Azerbaijan Society of Appraisers released the estimates for October after reviewing the capital’s districts and major property categories, according to Vesti Baku.
Districts With the Fastest Growth
For land, the strongest annual increase was recorded in Sabail at 29.1%. Yasamal followed at 27.1%, Nasimi at 24.5% and Nizami at 22.3%. The smallest increases were reported in Garadagh at 8% and Pirallahi at 8.6%.
New-build apartment prices rose most sharply in Sabail, up 21.8%, followed by Yasamal at 20.4% and Khatai at 18.6%. In the older housing stock, Sabail led with a 20.5% increase and Yasamal with 19.9%.
Prices for private houses rose an average of 13.2%, while commercial property gained 13.1%.
Prices Also Increased From September
Across the main property categories, average prices rose 1.08% from September to October. Land gained 1.39%, new-build apartments 1.1%, private houses 1.04%, commercial properties 1.03% and apartments in older buildings 0.86%.
The highest average asking price for housing was reported in Sabail at 4,256 manats, or about $2,503, per square meter. Pirallahi had the lowest average at 1,474 manats, or about $867. The average benchmark across Baku’s districts was 2,905 manats, approximately $1,709, per square meter.
The estimates are based on asking-price analysis, district comparisons, surveys and market-participant assessments. They indicate broad market trends and do not mean every completed sale occurred at the stated average price.
The appraisers’ previous monthly assessment used the same district and property-type methodology and also showed broad annual price growth.