AZE.US
In parts of Baku, a parking space now costs as much as a small apartment.
Garage units in central residential complexes are being sold for 50,000-60,000 manats (approximately $29,000–$35,000), with some listings reaching 100,000 manats (around $59,000).
The highest prices are concentrated in downtown districts. According to real estate expert Nofel Guliyev, the garages themselves are not significantly different from others in terms of structure or functionality. The sharp price increase is driven primarily by supply constraints.
Demand Far Exceeds Supply
In Baku’s prime central zone – particularly the Nasimi and Sabail districts – garage prices now start at 50,000 manats ($29,000). Just two to three years ago, similar units were selling for 20,000-30,000 manats ($12,000–$18,000).
In premium residential developments, the imbalance is even more pronounced. A building with 200–300 apartments may offer only about 100 parking spaces. With most households owning at least one car, demand quickly outstrips available supply.
As a result, parking spaces in high-end complexes have effectively become scarce assets.
Legal Risks Remain
Beyond pricing, experts warn about legal risks.
Garages without formal ownership documentation (çıxarış – official property registration) can be difficult to resell. If a homeowner sells their apartment and relocates, transferring an undocumented garage may take months or even years.
In such cases, owners often turn to rental income instead. Monthly rental rates for central garage spaces range between 250 and 400 manats ($150–$235).
Outside the Center: More Affordable
Prices are significantly lower in outer districts. In Nizami, Sabunchu, and Surakhani, garages can be purchased starting from 10,000 manats (approximately $6,000).
Still, the overall trend is clear: as car ownership rises and urban density increases, parking in central Baku is no longer just a convenience – it is increasingly treated as a separate real estate asset.