Sharp increase in apartment rental prices year after year. This surge in rental costs has become a significant topic of discussion, highlighting the current state of the real estate market in the city. According to a report by YEKEMLAK.AZ, real estate expert Elnur Farzaliyev has noted the consistent growth in apartment rental prices, primarily attributed to the demolition of buildings that have exceeded their service life. The high demand for housing has prompted apartment owners to raise their monthly rental rates, creating an upward trend in the market.
Why prices increase in Apartment Rental in Baku
The central districts of Sabayil, Nasimi, Narimanov, and Yasamal, collectively known as Zone 1, have experienced the most substantial surge in apartment rental prices. This can be attributed to several factors, as highlighted by the real estate expert. Firstly, these areas serve as the heart of the city, offering proximity to key amenities and facilities. Moreover, the presence of numerous higher education institutions in these districts makes them particularly appealing to students, who prefer to rent apartments in close proximity to their academic institutions.
Insights on Apartment Prices in Baku
In districts such as Binagadi, Sabunchi, and Surakhani, apartment rental prices typically range between 250 and 400 manats. These areas provide a more affordable option for individuals seeking housing in Baku. However, even in these districts, the upward trend in rental costs is evident, albeit at a comparatively slower pace.
Seaside Country Houses in Summer Season
During the summer season, the demand for seaside country houses in districts like Khazar, Sabunchi, and Binagadi has also contributed to the surge in rental prices. These coastal areas attract individuals seeking a refreshing retreat during the warm months. Depending on the specific conditions and amenities provided, rental prices for seaside country houses in these districts can vary significantly, ranging from 1,500 to 10,000 manats.
The sharp increase in apartment rental prices in Baku is a direct result of the growing demand for housing coupled with the demolition of buildings past their service life. The central districts of Sabayil, Nasimi, Narimanov, and Yasamal stand out as the most expensive areas for renting apartments, driven by their central location and proximity to educational institutions. While districts such as Binagadi, Sabunchi, and Surakhani offer relatively more affordable rental options, they too have witnessed a rise in costs. Additionally, the popularity of seaside country houses during the summer season has contributed to the overall upward trend in rental prices. This ongoing surge in apartment rental prices reflects the dynamic nature of the real estate market in Baku, emphasizing the need for individuals to consider their options carefully when seeking housing in the capital city.