AZE.US
Israeli buyers purchased half of the apartments in Marina Village, a newly completed residential complex at the Sea Breeze resort outside Baku, according to project founder Emin Agalarov.
The development contains 1,000 apartments and is now being commissioned.
“There are 1,000 apartments in this complex. Israelis bought 500 of them,” Agalarov said during a tour of Sea Breeze.
Marina Village is built around a yacht marina, with restaurants, cafés and other commercial venues planned for the ground floors. Commercial property in the development costs about $6,000 per square meter, Agalarov said.
Foreign buyers account for 15% of all Sea Breeze property sales, while Azerbaijani residents make up the remaining 85%.
Agalarov said foreign nationals can legally purchase and own apartments at the resort. Properties are available to both individuals and companies.
Sea Breeze operates sales offices in Azerbaijan, Russia, Israel, Turkey and Dubai as it seeks to attract buyers from international markets.
Property prices across the resort range from approximately $50,000 to $60,000 for entry-level units to as much as $5 million for premium residences.
Sea Breeze sold 5,300 apartments last year. Agalarov said the company expects to sell between 8,000 and 9,000 units this year.
The Marina Village complex is part of a wider expansion of Sea Breeze along the Caspian coast. The resort plans to develop hotels, marinas, restaurants, entertainment venues and additional residential districts across a 23-kilometer stretch of coastline.
AZE.US