IQI announces today that it has launched IQI Azerbaijan, extending its agency network to its 34th country, in partnership with the team behind some of Europe’s and Central Asia’s largest residential developments.
Azurro Azerbaijan current project is located on the Sea Breeze Azerbaijan, a premier, rapidly developing resort city and residential town located on the Caspian Sea coast, about 20 minutes from Baku. It functions as a “city within a city” featuring luxury villas, apartments, and hotels, alongside extensive entertainment, health, and leisure facilities.
Juwai IQI Co-Founder and Group CEO Kashif Ansari said
Azerbaijan is one of the fastest-growing property markets in the region and a hub of stability and growth for investors and residents from neighbouring countries. Azerbaijan is embarking on at least 15 years of massive investment. The government’s new Baku Master Plan 2040 foresees more than US$50 billion of investment in new housing infrastructure, and green spaces.
We think this is the right time to partner with a local team that is one of the most capable and experienced in, not just the region, but worldwide. Let me explain why we’re excited about operating in Azerbaijan, and in particular the capital Baku and on the nearby Caspian Coast. House prices in the country have soared by 46% over the past five years, according to the Central Bank of Azerbaijan. Prices climbed even faster in the primary, or new development, market.
Juwai IQI Co-Founder and Group Managing Director Daniel Ho said
The role of foreign investment is a key factor in our decision to launch IQI Azerbaijan. Our global agency network, international property portals, and database of cross-border investors are valuable resources we can leverage in Azerbaijan.
The legal system invites foreign investment and permits non-citizens to easily purchase apartments, houses, and commercial buildings. In short, we see a rapidly growing market with many years of expansion ahead of it. Local demand is strong, there’s a shortage of supply, and the local industry needs deeper integration into international markets. This is the kind of market where IQI can make a difference.
Sanan Gadirli, Country head, IQI Azerbaijan said
Joining IQI represents a strategic step in scaling Azurro’s business and international presence. It gives us the opportunity to integrate into a global proptech ecosystem, strengthen our connections with international markets, and work more effectively with overseas clients and investors.
Our team has delivered more than 100 residential and mixed-use projects and as many as 25,000 apartments annually. We’re excited to match our resources with IQI’s access to international partners. We want to drive brand visibility and client flow for Azurro. We also hope to participate in opportunities for knowledge exchange so we can stay ahead of global best practices.”
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