Azerbaijan, Baku / corr. Trend P.Aliyev / Mirza Aliyev, the Director of the Lankaran Realtor 'Elnur' Limited Company, stated on 22 June that real estate prices in the Lankaran region of Azerbaijan increased by 70% or 100%.
According to Aliyev, a one-room flat at the centre of the city costs $35,000-40,000, and a two- or three-room apartment costs between $50,000 and $70,000.
Flats in the regions of Lankaran cost $18,000 or $25,000 and two- or three-room flats cost $25,000 to $35,000.
The price for land plots in Lankaran more than doubled. The cost of one 10x10 land plot is between $2,000 and $4,000. In 2006 the figure was $450 to $800. In the villages, a 10x10 land plot cost $80 to $100 in 2006, but presently, they are each worth $250 to $400.
The cost for renting a flat has also more than doubled, while in 2006 rentals cost $40 to $150, they are presently going for $100 to $400.