17:24 - 1.09.2023

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September 1, Fineko/abc.az.  The housing rental market in Baku comes to life at this time of the year, that is, on the eve of the opening of educational institutions. In particular, students from the regions are sent to the capital, which dramatically increases the demand in the market. And it affects prices.

ABC.AZ reports that Vugar Oruj, chairman of the Azerbaijan Society of Appraisers (AEO), noted that at present, the demand in the housing rental market in Baku is 10-13% higher than in the same period last year.

According to him, this year there have been more people coming to our country from abroad, and in particular those who rent housing in Baku in the summer months: “The number of people coming from Turkiye has especially increased. On the other hand, after the liberation of our lands from occupation, an influx of investments into the country began. As a result, the demand for rental housing has grown even more. This was also influenced by geopolitical conflicts. There are still people from Russia and Ukraine in our country. And the offer in the market remained the same. The result is a housing shortage. And this shortage leads to higher prices. This time, unlike in previous years, prices are rising more dynamically.”