Demand for new apartments rising
The demand for newly-built apartments in Azerbaijan's real estate
market has increased.
The development is caused by the rising cost of housing in architectural-style and ancient buildings in the capital Baku. A three-room apartment in such buildings sells for as much as $363,000.
On average, newly-constructed and renovated apartments in the city with the space of 137 square meters cost $213,000, while those without repair - $151,000. The most pricy three-room apartment is available in the Sabayil district of Baku for $337,000. A similar apartment on the city outskirts sells for $150,000.
After the collapse of a 16-storey building on the Murtuza Mukhtarov Street of the capital in 2007 the demand for new housing dwindled. However, since 2008 buyers have been showing interest in such apartments again. Consumers are attracted by a slew of conveniences available, such as 24/7 security service, speedy Internet access and installation of satellite television.
The development is caused by the rising cost of housing in architectural-style and ancient buildings in the capital Baku. A three-room apartment in such buildings sells for as much as $363,000.
On average, newly-constructed and renovated apartments in the city with the space of 137 square meters cost $213,000, while those without repair - $151,000. The most pricy three-room apartment is available in the Sabayil district of Baku for $337,000. A similar apartment on the city outskirts sells for $150,000.
After the collapse of a 16-storey building on the Murtuza Mukhtarov Street of the capital in 2007 the demand for new housing dwindled. However, since 2008 buyers have been showing interest in such apartments again. Consumers are attracted by a slew of conveniences available, such as 24/7 security service, speedy Internet access and installation of satellite television.
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