Baku, September 16, 2025
Demand for apartments in newly built residential complexes is climbing, pushing prices in some cases close to the level of fully renovated homes. Experts report that in the past year alone, costs for such properties have surged by 30–50%.
Only recently, apartments sold “from the foundation pit” were priced at 800–1,200 manats per square meter. Today, prices range from 1,500 to 2,000 manats per square meter, depending on location and developer.
Analysts cite several reasons:
Rising land costs in Baku, with fewer plots available for new construction.
Compensation payments developers must provide to residents of old buildings slated for demolition.
Urban planning priorities, which by 2040 foresee more parks and green zones in the capital, making building permits harder to obtain.
These pressures increase overall construction costs and fuel further price growth.
Buyers also face additional expenses: a typical renovation can cost 50,000–70,000 manats, often rivaling the purchase price itself. For example, a buyer who pays 70,000 manats for an unfinished flat may spend nearly the same again on repairs, KhazarTV reports.
Consumer disputes are another issue. There are cases where buyers sign for 100 square meters but receive only 80, or expect 150 square meters but end up with 130, sparking conflicts with developers.
