AZE.US
Part of Azerbaijan’s old housing stock may come under price pressure as buyers become more selective and demand more comfort, better planning and improved building conditions.
Real estate expert Mikayil Gasimli told Bizim.Media that while old apartments remain important on the market because of their location and relatively lower prices, some properties are already losing appeal.
According to Gasimli, buyers in the past often ignored the shortcomings of old apartments. But now, with more options available on the market, many people are avoiding homes with serious disadvantages.
He said apartments in Soviet-era “Khrushchevka” buildings, especially those on the fifth floor of buildings without elevators, are among the most vulnerable.
“Apartments on the fifth floors of such buildings are already being offered at lower prices, and further price declines are expected,” Gasimli said.
He noted that homes without elevators are becoming less attractive, especially for families with elderly people or small children. Even younger buyers may find it difficult to carry groceries and heavy bags to the upper floors.
First-floor apartments in old buildings are also often offered at lower prices. Gasimli said buyers are discouraged by dampness, basement smells, the lack of balconies and the general discomfort of living on the lower level.
Demand is also weaker for buildings with unrepaired entrances, roofs, balconies and facades. Buyers are increasingly paying attention not only to the apartment itself, but also to the condition of the entire building.
Another problem is unauthorized reconstruction. In some old apartments, balconies have been expanded, floor plans have been changed or additional bathrooms have been added without proper permission. Gasimli warned that such properties may later face legalization problems, or some changes may have to be removed.
Narrow courtyards and crowded neighborhoods are also losing popularity. Modern buyers increasingly want wider yards, easier parking, normal access roads and a more comfortable living environment.
According to the expert, many people now want a “move in and live” option. They are looking for larger spaces, practical layouts and ready repairs.
Old apartments often fall behind newer buildings because of worn-out utility lines, weak renovation, small kitchens, walk-through rooms, narrow corridors and tiny bathrooms. These features no longer match modern expectations of comfort.
Banks may also add pressure to the market. Gasimli said financial institutions are often reluctant to issue mortgage loans for such apartments, especially when there are legal uncertainties, registration issues or questions about collateral.
In some cases, several people may still be registered at an old apartment, and removing them from registration can require a court process and take months. Banks do not like this kind of uncertainty, the expert said.
As a result, some old apartments in Baku and across Azerbaijan may enter a difficult period. Buyers may avoid them, banks may be cautious with mortgages and sellers may have to lower prices to find real demand.
Still, this does not apply to all old apartments. Homes in good locations, with clear documents, convenient layouts, well-maintained buildings and parking access may continue to attract buyers. But apartments in old buildings without elevators, with poor entrances, narrow yards, illegal alterations and outdated communications may increasingly lose ground to newer residential projects.
AZE.US