AZE.US
Real estate prices are rising in Lankaran, one of Azerbaijan’s main southern cities, as demand grows for homes near the sea, apartments in central areas and land plots suitable for construction.
The southern region’s appeal is easy to understand. Lankaran combines access to the Caspian Sea, nearby forests and a mild climate, making it attractive both for permanent residence and seasonal recreation.
In recent years, the city has also changed visibly. Older buildings with expired service life have been demolished, while new, more modern residential buildings have been constructed in their place. That has brought new activity to the market, but also pushed prices higher.
Local residents say the city has become more attractive, but housing has also become less affordable.
One resident said modern buildings are expensive to build, and that cost is reflected in apartment prices.
Others point to Lankaran’s location and natural advantages. The sea, recreational areas and improving urban conditions have made the city more desirable, especially ahead of the summer season.
The strongest price increases are seen in areas close to the coast. A few years ago, it was possible to buy a private house near the sea for 70,000-75,000 manats ($41,176-$44,118). Today, similar properties cost more than 100,000-120,000 manats ($58,824-$70,588).
Prices have also increased in apartment buildings, especially in the city’s microdistrict area, where demand is supported by the presence of many state institutions.
Real estate agents say one- and two-room apartments in the microdistrict previously sold for around 40,000-45,000 manats ($23,529-$26,471). Now those prices have risen to 50,000-55,000 manats ($29,412-$32,353) and, in some cases, close to 60,000 manats ($35,294).
Three-room apartments in the area are estimated at about 75,000-80,000 manats ($44,118-$47,059).
Market specialists say the trend is not limited to Lankaran. Prices are rising in many Azerbaijani districts that have become attractive for tourism and seasonal rest.
The southern zone is no exception. Lankaran, Astara and Masalli remain among the areas seeing stronger interest from buyers and renters.
Real estate specialist Vafadar Akhundov said prices for land, housing and rental properties in these areas have increased by about 8-10%.
Land prices have risen especially sharply. In areas around Lankaran, plots that were offered a year ago for 2,000 manats ($1,176) can now cost up to 4,000 manats ($2,353) per Square Meters.
In the city center, prices are far higher. One Square Meter of land in central Lankaran now ranges from 20,000 manats ($11,765) to 50,000 manats ($29,412).
As land becomes more expensive, the value of houses built on those plots also rises. That is making Lankaran less of a cheap alternative to Baku for buyers seeking property near the sea or in a regional city center.
For many local residents, the shift is already visible: Lankaran is becoming more attractive, but also more expensive.
AZE.US