AZE.US
Around 18% to 20% of Baku residents live in rented homes, while the share is estimated at 15% to 20% in Sumgayit and Ganja, according to Azerbaijani real estate expert Elnur Azadov.
Azadov told Bizim.Media that homeownership remains significantly more common across the post-Soviet region than in many Western countries.
He estimated that between 80% and 85% of people in former Soviet countries including Azerbaijan live in homes they own. In Moscow, about 70% of residents reportedly live in their own apartments, while roughly 30% rent.
The expert said the difference between East and West is shaped by several factors, including culture, housing affordability, population growth and government policy.
“In Eastern societies, owning a home is often seen as a guarantee of stability and an asset that can be passed on to children,” Azadov said.
Figures cited in the report showed particularly high homeownership levels in China and India, at around 87% and 79%, respectively.
The rate was reported to be lower in several European and North American countries. Germany was listed at about 34%, Sweden at 38%, while the United Kingdom, France, Canada and the United States were placed in a range of 45% to 53%.
Azadov said rising property prices have made homeownership increasingly difficult for younger people in Europe.
According to his estimate, housing prices in some European countries increased by 30% to 50% after the COVID-19 pandemic. That rise has pushed more people toward long-term renting and, in some cases, encouraged young residents to consider moving abroad in search of cheaper housing.
The expert also pointed to Malaysia as an example of a country that expanded homeownership through state-backed programs. He said such initiatives helped raise the share of residents living in their own homes to between 80% and 85% over the past 20 years.
In large Iranian cities, however, the situation is markedly different. Azadov claimed that up to 70% of residents do not live in homes they own.
AZE.US