No famous record sale to quote, but a clear price map: the Baku district at the top, the cheap end in Sheki, what a foreigner may own and what happened to the artificial islands.
Some countries come with a famous record: a villa sold for tens of millions, an island with a price tag. Azerbaijan does not, and an honest article has to say so. We looked for a record sale of an apartment or house in Baku and found none we could verify, and no price at all for a flat in the Flame Towers or a penthouse in Port Baku. What we could verify is more useful: where Baku's prices peak, what the cheap end looks like, what the law lets a foreigner own and what became of the artificial islands. Everything below reports what was published, with the source. None of it is an offer through us, and prices change.
Where Baku's prices peak
Caliber.az, in an analysis dated 30 September 2026, puts the average price of a square metre in Baku at 2,934 manats, about 1,726 US dollars, by September 2026. It does not name the source of that figure, and another 2026 analysis puts the average nearer 2,400 to 2,450 manats, so treat averages as indicative. The spread by district is clearer. The highest district average in the article is Sabayil at 4,132 manats (about 2,431 dollars) per square metre. The lowest is Pirallahi at 1,452 manats (about 854 dollars), a gap of more than two and a half times.
On the trend, the article quotes the chairman of the Azerbaijan Appraisers Society: average residential prices in Baku rose 8.5 percent year on year in the second quarter of 2026, new builds by more than 11 percent, and prices overall by about 70 percent over five or six years. Baku commissioned 9,711 apartments in 2025, according to the same article. Fast growth in a young market is a reason to compare several sources before relying on any single figure.
The best-known address is the Flame Towers, three glass towers that dominate the skyline. Sources describe the residential tower differently: HOK's project page speaks of a 39-storey tower with 130 apartments, while another database lists 156 apartments for the whole complex, which probably includes serviced units. We found no sale prices for individual units, so we do not quote any. For the practical picture, see property in Baku for foreign buyers.
What a foreigner can own
Law-firm guides agree on the core rule. Foreigners can buy apartments, houses and commercial buildings, but not land. A law-firm FAQ cites Article 48 of the Land Code, and the Migration Code is reported to allow agricultural land only on a lease. A Ministry of Foreign Affairs note says that when a building is sold to a foreigner, the land under it is leased. A general guide says leases can run up to 99 years. We did not open the statutes.
Some commercial sites say foreigners can own land, and one says a domestic company owned entirely by a foreigner may own it. We report the claim and do not recommend the route: a company structure has tax and legal consequences that a local lawyer must judge.
A guide from October 2024 says transactions must be notarised and the new owner registered in the State Registry; ownership passes on registration. It also warns that foreigners may find it hard to get a mortgage from a local bank.
On residence, the State Migration Service published in May 2023 (page updated October 2023) that the real estate threshold for a temporary permit stays at 100,000 manats and rises to 200,000 manats for a permanent one. Those are the latest official figures we found. We saw no 2026 decree either way, so check the service before you plan around them. For the wider rules, see Azerbaijan: buying property.
The cheap end: houses in Sheki
At the other end of the market is the regional town of Sheki. Listings on a classifieds site dated between March and July 2026 included a four-room house of 100 square metres at 70,000 manats, reduced to 67,000 (about 39,000 dollars), an unrenovated four-room house of 150 square metres at 49,000, reduced to 47,000 (about 27,000 dollars), and a three-room garden house of 70 square metres without connected utilities at 25,000 manats (about 14,700 dollars). A larger house with a veranda was listed at 140,000 manats. An old-build three-room apartment of 70 square metres was listed at 85,000 on 8 July 2026.
These are asking prices from one site, some may already be sold or re-priced, and the dollar figures are our conversion at the rate implied by the Caliber article, about 1.70 manats to the dollar. We found nothing comparable for Gabala or Guba. Check title, utilities and the exact land arrangement before you pay anything, remembering that land under a house is leased to a foreigner.
The Old City
The walled Old City of Baku, Icherisheher, was inscribed on the UNESCO World Heritage List in 2000, placed on the Danger list in 2003 and removed from it in June 2009, according to the reserve's own administration. We found no price list for homes inside the walls and no public guidance for foreign buyers, and the generic marketing pages that turned up said nothing we could check. A protected reserve has its own administration, so ask it, and a lawyer, before treating any listing there as an ordinary flat.
The islands: a project, not a market
Azerbaijan's best-known island story is the Khazar Islands, a planned archipelago of artificial islands off Baku. Older sources describe a huge project, with a cost that ranges from 60 to 100 billion dollars depending on the source, planned for completion between 2020 and 2025. Wikipedia says progress seems to have halted as of 2023, and its flagship Azerbaijan Tower was never built. We found no 2026 news and no sale of apartments, so there is nothing to buy there today. If you meet an offer in that project, treat it as an investment in a plan, not in a property. See also island real estate.
What an ordinary buyer should take from it
- There is no record to chase. The useful numbers are the district averages, and they differ by source.
- A foreigner buys the building, not the land. Check how the land under it is leased and for how long.
- Do not buy on a promise about residence. The 2023 official thresholds are the latest we saw; confirm with the State Migration Service.
- Regional houses look very cheap beside Baku. Check title, utilities and condition, and remember asking prices fall in negotiation.
- Keep the whole cost picture: notary, registration, translation and any repairs.
If you are weighing an unusual property in Azerbaijan, an independent buyer-side adviser such as D.H. Realting, based in Warsaw, can help line up local lawyers who have been checked first.