Closed boundaries, sanctions, difficulties with flights to Europe and America forced the Russians differently to look at the prospects for moving to Azerbaijan. On the eve of Haqqin.az, citing Russian experts, reported that Russians’ interest in travel to Azerbaijan this year has doubled compared to last year. Today, the Russian edition of the economic publication Forbes devoted a large article to the real estate market in Baku, in which it notes the prospects for its growth.
The growing activity of Russian investors in Azerbaijan indirectly testifies to the state of the office real estate market. According to Core.xp, Baku is now 650,000 square meters. m high -quality office premises, half of which class A
“The vacancy level is currently evaluating about 5%, this is a fairly low indicator,” says Kirill Babichenko, director, head of the service department of the Office Real Estate Core.xp.
Small companies, entrepreneurs and office employees working “on the remotes” are considering renting space in coworking. “There are very interesting sites of local and international operators in Baku. Recently, quite a few startups from Russia have been entering the market, for which the above spaces are ideal,” the expert adds.
The article says that as a result of the business and tourist attractiveness of Azerbaijan, the primary housing market is actively developing. According to Marina Lashkevich, the host of Buybuyhouse, for the 1st quarter of 2022, the number of real estate transactions in Azerbaijan increased by 8%. Russian buyers become a separate target audience for the market of new buildings Baku.
“Pandemia gave a fantastic impetus for the development of domestic tourism: in Baku, an increase in housing prices on average over the past year amounted to 20%. In addition, now the housing market takes place there, so prices will be guaranteed to rise,” the article says in the article .
Now a square meter in a decent area costs 50,000-60,000 rubles (an official rate of 1 manat-35 rubles), in a luxury facility-200,000-350,000 (a little more expensive than the Staromoskovsky comfort class).
Forbes pays special attention to new residential complexes in Baku White City, the White City. The integrated development of the territory from scratch opens up great opportunities for developers. One of the striking examples is the Baku City Residence Khatai LCD, located on the territory of 3 ha, only a 7 -minute walk from the Baku Primorsky Boulevard.