Demand for housing abroad on the rise
The number of Azeris seeking to buy housing abroad has surged in
the past two to three years.
Most of the potential buyers are interested in owning homes in the United Arab Emirates or European countries, in particular, the UAE's Dubai Emirate, Turkey, Spain and Italy, according to real estate companies.
Some citizens purchase immovables for business purposes such as reselling their homes for higher prices, while others do so because their children are studying abroad. Well-to-do Azeris prefer to buy homes in Switzerland, while those who are not as wealthy choose Spain, Greece, Turkey and Cyprus. The prices for real estate in foreign countries vary depending on their type and the region of location. Dwelling space in historic and old-fashioned buildings and neighborhoods in Europe is expensive. For instance, a 60 square meter two-room apartment in France sells for about 600,000 euros.
The cost of housing in new neighborhoods and buildings is some 30% less. Overall, the average prices per sq. m. of real estate abroad are about twice below those in Azerbaijan.
Most of the potential buyers are interested in owning homes in the United Arab Emirates or European countries, in particular, the UAE's Dubai Emirate, Turkey, Spain and Italy, according to real estate companies.
Some citizens purchase immovables for business purposes such as reselling their homes for higher prices, while others do so because their children are studying abroad. Well-to-do Azeris prefer to buy homes in Switzerland, while those who are not as wealthy choose Spain, Greece, Turkey and Cyprus. The prices for real estate in foreign countries vary depending on their type and the region of location. Dwelling space in historic and old-fashioned buildings and neighborhoods in Europe is expensive. For instance, a 60 square meter two-room apartment in France sells for about 600,000 euros.
The cost of housing in new neighborhoods and buildings is some 30% less. Overall, the average prices per sq. m. of real estate abroad are about twice below those in Azerbaijan.
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