The cost of houses in Baku has increased

The cost of houses has increased nearly threefold.

According to official data, 20,149 residential houses were built last year, with a total investment of 2.572 billion manats.

As Villa.az reports, citing Xəzər TV, calculations show that in 2024, the average cost per square meter of a residential house in the country was 1,089 manats. For comparison, in 2023, this figure was 387 manats, and in 2022, it was 357 manats.

The Chairman of the Appraisers' Society, Vuqar Oruc, told Xəzər Xəbər that several factors have contributed to the increase in housing costs. One of them is the requirements imposed on construction companies and entrepreneurs, including tax payments and other expenses. The second reason is the rise in the prices of building materials.

He noted that the increase in the cost of houses also affects their market price. The expenses incurred per square meter ultimately contribute to an overall increase in real estate market prices.

Vuqar Oruc also added that further price hikes in housing are expected in the coming period. Overall, a 15-20% increase in real estate prices is forecasted for 2025.