A record increase in apartment prices is observed in Hövsan settlement. Thus, 2-room apartments with average renovation in the settlement are now sold for more than 100 thousand manats. It can be said that an increase of 20-30% has been recorded compared to the same period last year, and in some cases, the price per square meter of apartments in Hövsan exceeds 2 thousand manats.
Real estate expert Elnur Farzaliyev, in his statement to Modern.az, stated that there are several reasons for the increase in apartment prices in Hövsan.
Demand for apartments in Hövsan settlement has increased significantly over the last year and a half. Reasons include the renovated and traffic-free Hövsan road, and its relative proximity to the city center. Furthermore, apartments are being demolished in the capital, and some residents whose homes are slated for demolition cannot afford to buy a house in the city center due to financial constraints and turn to Hövsan".
The expert noted that Hövsan's favorable infrastructure and its location by the sea have also contributed to the increase in prices:
"Currently, an increase in prices is observed not only in MIDA 1 and MIDA 2 projects but in all residential buildings in Hövsan settlement. The price per square meter of apartments is higher than 2000 manats. In individual residential houses, one sot of land varies between five thousand and fifteen thousand manats".
The expert noted that, apart from Hövsan, such a sharp increase in prices has not yet been observed in other settlements around Baku.
