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Real estate in Azerbaijan
Location, climatic conditions, economics, and education
Azerbaijan (officially Azerbaijan Republic) is a country located in the eastern part of Transcaucasia, bordered by the Caspian Sea. A significant part of the territory is occupied by mountains, the largest river is the Kura. The majority of the country's population professes Islam, the state is secular.
The climate of Azerbaijan is diverse: from warm and humid subtropical, oceanic (Lenkoran lowland) to moderately cold in the snowy Caucasian highlands. Average July temperatures range from +5°C in the highlands to +35°C in the lowlands. Average winter temperatures: −10°C in the highlands, +4°C in the lowlands.
Azerbaijan has a developed industry (oil and gas production), oil refining, chemistry (production of mineral fertilizers, synthetic rubber, car tires, etc.), mechanical engineering, mining (iron ore and alunite mining), non-ferrous metallurgy, food tea, tobacco products, wine), light (production of cotton, cotton, silk, woolen, and carpet weaving products). The country's agriculture is diversified (viticulture, horticulture, growing tobacco, vegetables, sericulture, livestock and poultry farming).
In terms of economic growth, Azerbaijan is the leader among the countries of the post-Soviet space: GDP is growing, poverty is decreasing, the country is gradually implementing a strategy for switching to alternative energy sources. In the Doing Business Index (data from the 2018 report), the country received the highest ranking among countries in the Europe and Central Asia region, after Georgia and Macedonia. More than fifty universities carry out educational activities, most of them are state-owned.
Market and real estate prices in Azerbaijan
The real estate market in Azerbaijan began to recover and gain momentum in the post-pandemic period, especially with the implementation of mortgage programs, the revival of business activity, the continuation of the process of returning the population to the territory of Karabakh, but again faced a number of negative factors already against the backdrop of the war in Ukraine. These processes are most acute in the building materials market, which are becoming more expensive as a result of the application of sanctions, the cessation of supplies from Russia and Ukraine, the oil and gas crisis, in addition, the general situation negatively affects solvency.
Demand in the real estate market can be assessed as deferred and rather sluggish at the moment. The sale of real estate in Azerbaijan on the secondary market tends to decrease - buyers are losing interest in it and are looking for options mainly in new buildings. In general, they invest less in detached houses (villas) and commercial premises. Nevertheless, interest in mortgage lending remains, which can be assessed as a positive moment.
Real estate in Azerbaijan gives hope for maintaining the potential of the market and improving the situation in the near future as external constraints are removed. The cost of real estate in new buildings of Azerbaijan is growing moderately, mainly in Baku, for luxury facilities, mainly in advantageous locations. The quality of buildings meets the standards adopted in the country, which is confirmed by customer reviews.
Approximate price of real estate in Azerbaijan (per sq. m.):
- apartments in new buildings (black frame condition) - 800 USD,
- apartments on the secondary market - 900 USD,
- detached houses, cottages, villas - 1,000 USD,
- commercial premises – 1,000 USD.
Price values are in constant dynamics, so only up-to-date information can be useful.
Property types for sale
- primary and secondary residential real estate in Azerbaijan (apartments in apartment buildings, detached houses, cottages, and villas),
- commercial premises (cafes, restaurants, hotels, warehouses, offices, etc.),
- land plots.
Real estate website in Azerbaijan
It is safer to use the information of experts and follow their recommendations. GEOLN.COM real estate website (with a convenient search interface) contains a full catalog of real estate in Azerbaijan.
Buying real estate in Azerbaijan by foreigners: nuances
Foreign investors have the right to buy real estate without restrictions, with the exception of land plots and objects directly related to land.
Buying property in Azerbaijan is profitable, it is a promising investment with a stable rental income in a country with rich natural resources and a rapidly developing economy. It is necessary to take into account political risks and mental peculiarities, though.