BAKU, Azerbaijan, Nov. 26
By Eldar Janashvili - Trend:
Average real estate prices in Baku and Absheron Peninsula are about 1,600 manat ($943.1) per square meter, Chairman of the Azerbaijan Appraisers Society Nusrat Ibrahimov told Trend Nov. 26.
Ibrahimov said that the Azerbaijan Appraisers Society for many years every month analyzes prices in Baku and the Absheron Peninsula, widely informing the press. The primary and secondary housing markets, markets of commercial properties and land plots, rent, individual houses and summer cottages, also building materials and cars are analyzed, the chairman noted.
“During the month, data on about 6,000-7,000 apartments are collected and analyzed,” Ibrahimov added. “About 1,000 housing offers have been collected and analyzed on the primary housing market. During the month, we collect and analyze 10,000-12,000 offers and hand over the information to the media, state structures.”
The chairman said that Baku is divided into 12 zones. The first zone has the highest price on the housing market - this is the historical center of the city, which starts from the Hand Games Palace and covers Azneft Square, the territory along Neftchilar Avenue, Khagani and Nizami streets, as well as Icherisheher, Ibrahimov noted.
“As of Nov. 1, the average price of an apartment in the primary market of this zone is 3,176 manat ($1,872) per square meter, and in the secondary housing market - 2,912 manat ($1,716) per square meter,” İbrahimov added. “The average price of land in November amounted to 300,000 manat ($176,833) - that is, 296.2 manat ($174.5) per 100 square meters.”
“The first zone is followed by the second zone - mainly the streets of Husi Hajiyev, Nizami, Hezi Aslanov, Shamsi Badalbayli and Fikret Amirov,” Ibrahimov said. “The second zone is mainly considered a business zone of new buildings, and most of the retail facilities are located on this territory. The price here in November amounted to 1,955 manat ($1,152) per square meter in the primary housing market and 2,411 manat ($1,421) per square meter in the secondary market. On the land market, prices are formed at 215,500 manat ($127,026) per ten square meters.”
"The third zone covers territory from the Martyrs' Alley to Bakikhanov street and down to Azadlig Avenue, and is also considered a business zone. Here the prices are relatively higher. Prices on the primary housing market without repair are 1,535 manat ($902.9), on the secondary housing market - slightly above 2,000 manat ($1,176). On the land market this price is about 170,000 manat per 100 square meters," the expert said.
"The fourth zone is also located in the upper part of the city. This is the territory of the Yasamal district, covering the upper side of the Milli Majlis, Matbuat Avenue, Hasan bay Zardabi, Akif Abbasov, Azad Mirzayev and Mehdi Huseynzade streets just below the Narimanov district. Here, average prices in the primary housing market for the month amounted to 1,666 manat ($980). In the secondary housing market, prices are slightly higher, by 200 manat ($117.6), and in the land market - about 175,000 manat ($102,941)," Ibrahimov said.
"The fifth zone covers the 20 January metro, Tbilisi Avenue, the lower part of Hasan bay Zardabi street and the territory up to Moscow Avenue. This is considered an attractive area for medium-sized businesses, and the primary housing market is only emerging, so prices are slightly lower than 1,331 manat ($782.9) per square meter. The secondary housing market corresponds to the average prices in the city - 1,615 manat ($950). In the land market in this zone, 100 square meters is worth a little over 141,000 manat," he said.
"The sixth zone is located just above Bakikhanov street - from Izmir street to Tbilisi Avenue, from Narimanov district to Nasimi district - this is the territory of microdistricts. Here, a new housing market is being formed, on which old buildings are demolished and new buildings are being constructed. Average price in the primary housing market here is 1,165 manat ($685.2), and in the secondary housing market just above 1,500 manat ($882) per square meter. In this zone, 100 square meters of land costs about 153,500 manat ($90,294)," said the expert.
"The seventh zone mainly occupies part of the Nizami and Binagadi districts. Here, the prices of the primary housing market are about 1,100 manat ($647) per square meter. In the secondary housing market, prices are slightly higher - 1,467 manat ($862) per square meter. On the land market, the average price in this zone is 60,000 manat per 100 square meters," Ibrahimov added.
“The eighth zone mainly covers part of the Surakhani district, Qara Qarayev and part of the Nizami and Khatai districts,” the expert said. “The real estate costs 1,205 manat ($710,289) per square meter in the primary housing market, a little more than 1,300 manat ($766,287) in the secondary housing market, ten square meters in the land market – a little more than 42,000 manat ($24,756).”
“The ninth zone covers part of Babak Avenue, part of Ashug Alasgar Street to the intersection with Mohammad Khadi Street and Ahmadli settlement,” Ibrahimov said. “The price in the primary market is more affordable there. A square meter of real estate costs 869 manat ($512). A square meter of real estate costs 1,088 manat ($641) in the secondary housing market. The real estate costs an average of 44,200 manat ($26,052) per hundred square meters in this zone.”
“The prices in the primary housing market reach 821 manat ($483), in the secondary housing market – 1,114 manat ($656) and in the land market – 10,613 manat ($6,253) in the "second ninth" zone, covering the territory of the Surakhani district and Amirajan and Bulbul settlements,” the expert said.
“The tenth zone covers the upland parts of the Yasamal district - New Yasamal,” Ibrahimov said. “The average price per square meter here is 811 manat ($478) in the primary housing market,1,234 manat ($727) in the secondary market, 29,126 manat ($17,168) per hundred square meters in the land market.”
“Zagulba, Buzovna, Mardakan and Shuvelan settlements refer to this zone,” the expert said. “The real estate costs 651 manat ($383) per square meter in the primary housing market, 937 manat ($552) – in the secondary housing market and more than 6,600 manat ($3,890) in the land market.”
“The real estate costs 1,066 manat ($628) per square meter in the primary housing market, 1,091 manat ($643) in the secondary housing market and a little more than 9,000 manat ($5,305) per hundred square meters in the land market in some territory of the Binagadi settlement and the territory adjacent to it,” Ibrahimov said.
“The eleventh zone includes Zigh, Sahil, Ramana and Zabrat settlements,” the expert said. “The real estate costs about 800 manat ($471) per square meter in the primary housing market, a little more 1,000 manat ($589) in the secondary housing market. The prices reach more than 6,800 manat ($4,008) per hundred square meters in the land market.”
“The last twelfth zone covers the eastern part of the Absheron peninsula and the territory of the Garadagh district,” Ibrahimov added. “The real estate costs 780 manat ($459) in the primary housing market, 792 manat ($466) in the secondary housing market and 9,600 manat ($5,658) per hundred square meters in the land market.”
(1 USD = 1.7 AZN on Nov. 26)
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