Baku played host this week to Azerbaijan's first international real estate exhibition, a gathering that underscored the country's ambitions to modernise its cities and rebuild conflict-affected regions. The event, known as AIREX, brought together developers, investors, and urban planners from across the Caucasus, Central Asia, and beyond, with a focus on how technology and sustainability are reshaping the built environment.
Riad Salayev, the exhibition's organiser, said the goal was to attract "more key players from the region" and "more international participants and investors" to future editions. The event comes at a time when Azerbaijan is investing heavily in urban development, from the transformation of its capital to reconstruction efforts in the Karabakh region, where new homes and public infrastructure are urgently needed.
Affordable housing and regional reconstruction
Jamshid Amirov, chief of staff at Azerbaijan's State Housing Development Agency (MIDA), outlined the agency's efforts to make home ownership more accessible. He said MIDA had launched 20 projects offering preferential terms to buyers, with seven in Baku, three in Karabakh, and ten in other regions. These developments are not limited to residential blocks; they include schools, kindergartens, and a medical centre, reflecting a broader approach to community building.
So far, 11 affordable housing projects have been completed, five in Baku and six in the regions, with three more under construction and an additional three in the design phase. The emphasis on integrated neighbourhoods—where housing is paired with essential services—was a recurring theme at the exhibition.
International architecture practice Chapman Taylor has been involved in master-planning projects in Shusha, Jabrayil, Aghdam, and Fuzuli, including a hospital and a vocational school in the latter. Marcelina Zielinska, a board director at the firm, stressed that successful urban development goes beyond designing individual buildings. Planners must consider "business, the economy, location, climate and community," she told Euronews.
Technology and data reshape the sector
The real estate industry is becoming "increasingly data-driven, predictive and customer-centric," according to Elchin Gadimov, chief commercial officer at PASHA Real Estate Group. He pointed to advances in artificial intelligence that allow developers to visualise projects from a simple photograph, eliminating the need for expensive rendering software and specialised equipment. What once required "significant time, technical expertise and financial resources" can now be explored "in minutes," enabling teams to test ideas earlier in the design process.
This technological shift is also evident in how buildings are managed. At the Sea Breeze development near Baku, Digital Residence is developing a model that combines AI-powered services with intelligent building management. Its CEO, Denys Rudnyk, said the next step is IT Hub Sea Breeze, an initiative aimed at attracting international technology companies and start-ups. Government incentives, including "20-year tax exemptions for eligible technology park residents," are helping to support the sector's growth.
Regional perspectives and international interest
The exhibition also offered a window into how developers from other markets view Azerbaijan. Tarik Imam, founder of Kinglike Luxury, which operates in Georgia and Türkiye, described Baku as "an emerging destination for international real estate investment," citing its "visionary developments" and "strong growth potential." For Georgian developer Silk Development, the focus was on closer regional ties. Chief commercial officer Lina Buziashvili said AIREX provided an opportunity to "strengthen regional partnerships" and "connect with investors," with the potential to create "long-term value across the region."
Beyond the Caucasus, the Maldives offered a different example of how property development can extend beyond residential construction. Meekail Haleem, acting head of the hospitality section at the state-owned Housing Development Corporation, presented plans for a cruise terminal and waterfront commercial district in Hulhumalé, as well as the proposed tourism destination Kudagiri Falhu. The projects aim to "diversify the Maldives' tourism and commercial offerings," with joint ventures and international partnerships helping to bring them forward.
For Azerbaijan, the exhibition was a chance to position itself as a regional hub for real estate investment and innovation. As the country continues to rebuild and expand its urban centres, the lessons from AIREX—on affordability, technology, and community planning—are likely to shape its approach for years to come. The event also highlighted the growing interconnectedness of property markets across Europe and Asia, a trend that Azerbaijan's expanding financial sector is well placed to support.
