Prices for Land Plots Increase 10 Times in Azerbaijan’s Northern Regions

Business Materials 21 February 2008 18:01 (UTC +04:00)

Azerbaijan, Baku, 21 February / Trend corr U. Ismayilova, A. Gafarov / The prices for land plots, in the northern regions of Azerbaijan, have increased 10 times within past 5 years.

Five years ago, 100 sq m cost about AZN 1,000, but now, the price varies between AZN 8,000 and AZN 10,000. Due to high prices for the land, the owners have started selling their plots and themselves moving to the cheaper houses, thus gaining profits.

According to the regional department of the Azerbaijani State Service for Real Estate Registration, in January 2008, the organization received 290 appeals for the property privatization, with 70% of the property being land plots.

According to the Participants of Real Estate Market public organization, in January, the average price for an apartment in Baku comprised some $170,000.

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