Oil Money, Concrete and Anxiety: How Large Is Azerbaijan’s Real Estate Market?

In Azerbaijan, the beauty industry has become one of the fastest-growing segments of the service economy over the past decade. This sphere is developing as a complex ecosystem of services that includes cosmetology, dermatology, plastic aesthetic medicine, hairdressing and salon services, wellness and recreational centers (spa), healthy lifestyle (wellness) services, professional makeup and hair design, as well as integration with the digital influencer economy. According to international approaches to the beauty economy, this sector is now regarded not only as a consumer service but also as a system of employment and an import-dependent economy.

In the evening, only some of the windows are lit in one of the new residential towers in Baku White City. Many of the apartments remain empty — purchased as investments, protection against inflation or long-term assets. For many young residents of the Azerbaijani capital, such buildings have become symbols of a new urban reality: Baku is growing wealthier, but home ownership is becoming increasingly unattainable.

Azerbaijan’s venture capital market remains small and at an early stage of development despite a growing number of funds and government efforts to stimulate the innovation economy, according to market participants and industry assessments.

On a warm evening in central Baku, it is no longer unusual to see young professionals sipping botanical mocktails rather than traditional spirits. The shift, subtle at first, is becoming measurable in production data and corporate strategy, pointing to a broader reconfiguration of Azerbaijan’s beverage market.