AZE.US
Land prices in central Baku have climbed to extraordinary levels, with 100 square meters in some of the city’s most expensive locations now priced at nearly 2 million manats, or about $1.18 million at the current official exchange rate.
The steepest price growth in Baku’s real estate market is currently being recorded in land plots, particularly in central parts of the Sabail, Nasimi and Yasamal districts. Market participants say the sharpest increases are concentrated in premium areas where available land has become increasingly scarce.
According to Vugar Oruj, chairman of the Appraisers Society, prices in prime zones now start at around 1 million manats, or roughly $588,000, and in some cases approach 2 million manats, or about $1.18 million, for 100 square meters. He said the most expensive plots are located on or near Nizami Street, Zarifa Aliyeva Street, Yusif Mammadaliyev Street and areas close to Neftchilar Avenue.
In districts considered relatively close to the city center but outside the top premium belt, prices are lower, though still high. In areas such as Mehdi Araz Street and Hasan Aliyev Street, land values are estimated at around 500,000 to 600,000 manats, or roughly $294,000 to $353,000, for comparable plots.
Experts say the surge is being driven not only by location, but by a shortage of land in central Baku. As supply continues to shrink, demand is pushing prices higher. Analysts expect land prices in this segment to rise by around 20% this year, with the upward trend potentially continuing through 2030.
Excerpt: Land prices in central Baku have surged to nearly 2 million manats ($1.18 million) per 100 square meters in some premium locations as supply tightens and demand remains strong.
AZE.US