Azerbaijan Sees Surge In Hotel Prices Amid Formula 1 Grand Prix

4/25/2023 10:05:19 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 25. In the center of Baku city and in its immediate vicinity, hotel room rentals and daily apartment rentals have risen in price in connection with the start of the Formula 1 Azerbaijan Grand Prix, Ramil Gasimzade, a real estate agent, told trend .

Gasimzade noted that the daily rent of apartments from where you can watch Formula 1 races have doubled.

"The increase in the rental price is temporary. The daily rent of apartments varies from 300 manat ($176.4) to 500 manat ($294). On normal days it changes from 100 manat ($58.8) to 150 manat ($88.2). The main reason for the increase is the influx of tourists to the country due to the races," the expert noted.

Previously, the Azerbaijan Hotel Association also told Trend that seats in all central hotels in Baku had already been fully filled in connection with the Formula 1 races.

"With regard to the races, large hotels located in the city center took in a lot of tourists. Hotels that are slightly away from the racetrack are more than 70 percent full. This is a very good result for the season. Small hotels are also crowded. There are many wealthy people among the fans of Formula 1, and thereby tourists prefer more comfortable and chain hotels located in the city center. Most of the hotel rooms are booked by citizens from Türkiye, Russia, Kazakhstan, Georgia, the US and European countries," the association said.

Formula 1 Azerbaijan Grand Prix of 2023 will be held from April 28 to April 30. The majority of those who bought tickets for the Grand Prix are citizens of the UK and the Netherlands.

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