Apartments in Baku rise in price by 14% over past year

In June 2024, the average price of apartments in Baku increased by 1.3% compared to May, and by 13.8% year-on-year, Vugar Oruj, the chairman of the Azerbaijan Society of Appraisers Public Union, told Report.

According to Oruj, in the secondary housing market of Baku, the price per square meter of apartments in new buildings showed an increase of 1.35% during the month and 13.1% year-on-year, while one square meter of houses in old buildings increased by 1% during the month and 9.9% year-on-year.

“In the primary housing market, the price per square meter of apartments increased by 1.6% during the month and 18.5% year-on-year. The supply of these apartments in the market increased by 1.9% during the month and 19.8% year-on-year,” the chairman said.

Oruj said that prices per square meter in the rental housing market decreased by 2% during the month and increased by 8.7% year-on-year: “The supply in the rental market increased by 1.8% during the month and by 16.9% year-on-year.”