Azerbaijan's Real Estate Boom: Drivers Behind Rising Prices

From January to July of the current year, Azerbaijan's nominal income experienced a 5.8 percent rise compared to the same period in the previous year. The total nominal income reached 47 billion 138.9 million Manats, translating to an average of 4,625 Manats per capita, according to the State Statistics Committee.

In the first half of the current year, Azerbaijan has added 45,400 new jobs. The non- governmental sector has been the principal driver of this job creation, with the State Statistics Committee reporting that 95.1 percent of these new jobs have been generated in this sector. The dominance of the non-public sector highlights its crucial role in the country's employment landscape.

According to a CIA study on global population growth rates, Azerbaijan ranks 156th out of 236 countries, with a positive growth rate of +0.43%. In contrast, neighboring Armenia has a negative growth rate of -0.42%, and Georgia stands at -0.5%. The top twenty countries in the list are primarily African nations, including South Sudan at +4.65%, Niger at +3.66%, and Angola at +3.33%. The list is rounded out by the Cook Islands at -0.24% and American Samoa at -1.54%.

On August 13, the State Statistical Committee of Azerbaijan announced that the country's foreign trade turnover decreased in the first six months of 2024. The total turnover amounted to $22.169 billion. Of this, $13.302 billion was from exports and $8.867 billion from imports. The decline was 6.3% in real terms (imports down by 6.7% and exports by 5.7%).