AZE.US
Garage prices in Baku have nearly doubled over the past five years, as rising demand and a shortage of available parking spaces continue to push the market higher.
Experts say garage prices in the capital now start at around 18,000 to 20,000 manats and in some areas reach 100,000 to 120,000 manats. In some parts of the city, garages are already being sold for sums comparable to the price of an apartment.
The increase applies both to underground parking spaces in newer residential buildings and to standalone private garages. According to market participants, the recent surge reflects both long-term structural shortages and newer pressures linked to parking rules in the city.
One of the main problems is the imbalance between the number of apartments and the number of garage spaces in older residential buildings. In many buildings constructed before 2020, a complex with around 150 apartments might have had only 30 to 35 garage spaces, leaving a large share of residents without reliable parking access.
Although newer buildings are subject to stricter requirements tying parking capacity more closely to the number of units, pressure on the market has not eased, especially in densely populated parts of Baku.
Expert Elnur Azadov said the latest price increases have also been driven by the wider rollout of paid parking over the past year. As on-street parking becomes more difficult or expensive, more drivers are trying to secure garages instead, particularly in central areas where alternatives are limited.
Experts say demand remains strong and expect garage prices in Baku to continue rising for some time.
AZE.US