AZE.US
Parking in Baku is turning into an increasingly expensive problem, and the city’s garage market reflects that pressure in full. What used to be seen as a practical convenience is now becoming a costly asset, with both sale and rental prices rising across many districts.
According to the Azerbaijan Chamber of Appraisers, the average price of garages increased by 4.8% in March compared with February. But fresh listings from late March and early April suggest that in many parts of Baku the real price level is even more striking.
In the most expensive areas, especially the city center and major business districts, garages and parking spaces are already being sold at prices comparable to a separate car. Around 28 May, the average level in listings stands at roughly 50,000 to 55,000 manats. In the Narimanov area, including near Nariman Narimanov metro station, asking prices reach 45,000 to 55,000 manats.
On Azadlig Avenue, the average price is about 40,800 manats. Near Inshaatchilar, it is around 39,800 manats, while in the Nizami area it stands at roughly 35,800 manats.
Even in locations considered more affordable, prices are no longer low. Near Elmlar Akademiyasi, the average is about 27,800 manats. Around Neftchilar, it is close to 27,000 manats. In Yasamal, garages are listed at about 24,000 manats, while near 8 Noyabr the average is around 27,300 manats. In the Hazi Aslanov area, prices are about 20,100 manats, and in Khatai they are around 30,000 manats.
That means the mass market in Baku has moved well beyond the old idea of a garage costing 10,000 to 15,000 manats. In many districts, the realistic range is now 20,000 to 35,000 manats, while in central and more prestigious locations prices have long shifted into the 40,000 to 50,000 manat bracket.
At the top end of the market, the numbers are even higher. Parking spaces in multi-story residential complexes in central Baku are being sold for 50,000 to 60,000 manats, and in some cases the price reaches 100,000 manats. In the Nasimi and Sabail districts, prices in prime central areas start from 50,000 manats.
Just two to three years ago, similar properties could often be bought for 20,000 to 30,000 manats, meaning prices in some parts of the market have nearly doubled.
Real estate expert Nofal Guliyev says the garages themselves are not fundamentally different from others. Their value is being shaped not by quality, but by scarcity. In some premium new residential complexes, around 100 parking spaces may be available for 200 to 300 apartments, creating a chronic shortage from the outset.
Rent has also climbed sharply. In central Baku, average garage rents now stand at 250 to 400 manats per month. In outer districts, purchase prices are lower: in Nizami, Sabunchu, and Surakhani, garages can still be found starting from around 10,000 manats.
A few years ago, a parking space in a new building could often be rented for just 30 to 50 manats a month. Today, in some districts, rents have risen to 200 to 300 manats. In the Nizami district, garages were renting for about 30 manats three years ago, but now the usual range is 100 to 150 manats, with some listings reaching 200 manats.
According to Vugar Oruc, chairman of the Society of Appraisers, garage prices have risen alongside the broader real estate market, while garages themselves are increasingly being treated as a separate investment asset. By his estimate, if monthly rents were around 50 to 100 manats in 2020, they have now increased by roughly 100%.
In Ahmedli and near Hazi Aslanov metro station, rents in new buildings currently average 50 to 120 manats. Closer to the center, around Narimanov and Ganjlik, monthly rents range from 150 to 180 manats, while in some residential complexes they reach 300 manats. In the very center of the city, garage rents now commonly fall into the 200 to 250 to 300 manat range.
The broader trend is clear. As the number of cars in Baku continues to grow faster than the supply of new parking spaces, garages are becoming more expensive to buy, more expensive to rent, and harder to secure. Analysts say both sale and rental prices in multi-story residential buildings could rise by another 10% in the near term.