“There is currently an increase in prices near the center of Baku, especially in areas where infrastructure has been developed more recently.”
These words were spoken by Vugar Oruj, President of the Azerbaijan Society of Appraisers (AQC), Chairman of the Council of Associations of Appraisers of Turkish States, in his statement to “Trend”.
He said that currently the price of apartments for rent in the center of Baku ranges from 1,000 to 1,500 manat.
According to the president of the institution, the price increase is more noticeable near the center, especially in areas where the infrastructure has been developed more recently:
“Currently, prices in places close to the center vary between 700 and 1,000 manats. As we move away from the center, we see a decrease in prices. For example, in some areas of Khirdalan, Hovsan, Zabrat, Zigh, Alatava, Apartment rental prices currently range between 300 and 400 manats.”
V. Oruj stressed that apartment rental prices vary not only depending on the area, but also depending on the Housing Construction Cooperatives (MTK) to which the building belongs, depending on the criteria and level of construction comfort of the buildings. :
“For example, if the average rental price in one of the adjacent buildings is 500 manats, in the neighboring building this price can vary up to 600-650 manats, and in some cases up to 700 manats. That is, the classification of Prices by zones in many cases are not justified in the classification, the number of rooms is preferred. Currently, in the city of Baku and on the Absheron peninsula there are more one- and two-room apartments both in terms of living and accommodation. price.
The expert said that apartments with a square meter of about 50-65 are the most preferred:
“In the case of a two-room apartment, this type of apartment is preferred because it is suitable for planning your own living areas. Therefore, due to the high demand for this type of apartment, the increase in its price is higher than the increase in the price of apartments with other different rooms. In fact, if we calculate in terms of square meters, a 2 or 3-room apartment in any specific area of Baku should be approximately 1.5 times more expensive than a. one bedroom apartment.
In fact, this is not the case. For example, if a one-bedroom apartment costs between 600 and 700 manats, two- or three-bedroom apartments range from 800 to 900 manats. This shows that as the area of the apartment increases, the rental price per square meter is lower. From this point of view, I think the price of the most sought-after apartments is especially noticeable, depending on their surface area and room size.”
“Compared to previous months and days, price changes differ depending on the area. Currently it is not so easy to find an apartment for rent. But we see price stability in areas outside the center. Development is taking place in Azerbaijan economic, we believe they attract international attention and our country’s rating in terms of investment attractiveness is increasing even further.
All of this suggests that rental prices will remain stable or increase. I don’t expect price reductions to occur any time soon. Because the purchasing power of the manat, economic development and the flow and attention to our country suggest that prices will increase in the rental housing market. This is a natural process. Because property prices in the capitals of all developed and developing countries, whether for sale or rent, are only increasing.
In other words, it is impossible to predict that prices will fall, unless an extraordinary case of force majeure occurs,” added V. Oruj.
