Property market
How are apartment prices set in Baku?
Why do two apartments in the same district with the same number of rooms have different prices? The main factors that shape the price and how to suggest the right price to the seller.
Sellers often set the price by looking at a neighbour's listing. As a result, the apartment either sits unsold for months or goes for less than the market price. One of an agent's most valuable jobs is to back up a realistic price for the seller. To do that, you need to know what the price depends on.
The factors that affect the price most
Location
The district alone is not enough. Distance to the metro, access to a main road, nearby schools and kindergartens, and the condition of the courtyard change the price significantly even within the same district.
Building and documents
New builds and older buildings attract different buyers. Whether there is a title extract (kupça) directly affects both the price and the number of buyers: a client buying with a mortgage won't even look at an apartment without documents.
Floor, renovation and layout
- the first and top floors usually sell for less;
- the quality of the renovation matters more than the word “renovated”: the photos say it all;
- a convenient layout, separate rooms and a balcony raise the price.
How do you find the right price?
- Collect active listings in the same area with a similar size and renovation.
- Set aside listings that have been on the market for a very long time: their price is most likely too high.
- Compare them with recently sold apartments and offer the seller a price in between.
An overpriced apartment draws no interest in the first weeks, and even after a price cut it is seen as a “stale listing”.
The takeaway for agents
Sellers trust an agent who backs up the price with numbers more quickly. Instead of searching for similar listings one by one, Scraper collects listings from all portals in one place, so you can do the comparison in a few minutes.
