Construction of Khazar Islands to be completed by 2022-2023
Baku, January 31 (AZERTAC). The construction of the Khazar Islands, a city to be built on a manmade island in the Caspian Sea, will be completed by 2022-2023, Sales and Marketing Director Kenan Guluzade said.
“In general, the construction of the main part of the project requires $ 60 billion. Of these, $ 30 billion will be attracted from external sources - foreign investment, another 30 billion dollars will come from the sale of apartments,” he noted.
“Sale of apartments has already begun. According to the project, the price of apartments to be sold with a complete renovation, will be AZN 3500 - 4100 per square. Apartments can be bought on mortgage loans for a period of 15 years. Over the past 45 days since the start of sale AZN 50mln-property has already been sold,” Guluzade added.
Khazar Islands will cover 3,000 ha area. It will consist of 41 different sized islands and 19 districts, APA reports. The archipelago will cover 24 sq/km by 8km in length and 3km in width. Total length of the line of boulevard islands will be 50 km.
Distinguishing feature of the project also includes construction of 1 km-high “Azerbaijan Tower”, an airport to be built on separate island, Formula-1 highway and camps for universities. In future, it is expected to create administrative management system of the Island - Mayor`s Office and city status.
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