BAKU, Azerbaijan, May 15. The real estate market in Azerbaijan's Nakhchivan Autonomous Republic has gained momentum in recent years, driven by growing demand and the region’s rising investment appeal, Vugar Oruj, chair of the Azerbaijani Society of Appraisers and an economic expert, told Trend.
"In central Nakhchivan city, the cost of non-residential land is currently around 30,000–50,000 manat ($17,647–29,411) per one hundred square meters. In residential areas, land prices range from 5,000–15,000 manat ($2,941–8,823), depending on the specific plot. Apartment prices vary between 2,000–2,500 manat ($1,176–1,470) per square meter in newly constructed multi-story buildings and 1,500–2,000 manat ($882.3–1,176) per square meter in older residential buildings," Oruj noted.
The qualification—meaning the distribution of prices by district—can be outlined as follows: Nakhchivan city, Babak district, Ordubad, Julfa, Sharur, Shahbuz, Kengerli, and Sadarak.
He noted that Nakhchivan's real estate market is currently growing and experiencing strong demand. As a result, property prices are increasing annually by around 10–20 percent. He also added that ongoing investments in the region have contributed to this upward trend. With the anticipated opening of the Zangezur Corridor, prices are expected to rise even further.
Real estate expert Orkhan Rustamov stated that the property market in the Nakhchivan Autonomous Republic has undergone significant changes in recent years.
"If we look at last year, in January–November, state registration of real estate in Nakhchivan increased by 3.8 percent, and the registration of technical documentation rose by 4.2 percent. In addition, since March 2024, state property has been registered through an electronic system.
Nakhchivan's tourism potential also affects the real estate market. Historical monuments, mineral springs, and health resorts attract a steady flow of tourists to the region. This also contributes to growing demand for real estate and rising prices," he said.
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