Caspian-coast master-planned resort (Agalarov Development, Nardaran). Independent yield snapshot: 144 real sale listings (emlak.az + bina.az + yeniemlak.az + vipemlak.az) + Booking nightly ADR. Freehold; AZN→USD ≈ 1.70.
Net = gross × (1 − operator 25%) × (1 − tax 14%) − opex/price · occupancy 45% blended (highly seasonal Caspian resort) · Azerbaijan flat 14% withholding.
| Beds | ADR med | Price med | Net med | Net P75 | n rent/sale |
|---|---|---|---|---|---|
| 1BR | $137 | $121,765 | 10.8% | 12.0% | 14/39 |
| 2BR | $144 | $187,765 | 6.9% | 7.6% | 4/47 |
Shown only where both rent and sale reach n≥3. Sea Breeze is a single development, so there is no district axis — sub-complexes (Park Residences, Lighthouse…) differ on the sale side but not on rent.
| Type | Median m² | Median price | $/m² | Listings |
|---|---|---|---|---|
| Apartment / Condo | 98 m² | $218,235 | $2,300 | 138 |
| · 1BR | 55 m² | $121,765 | $2,401 | 39 |
| · 2BR | 95 m² | $187,765 | $2,100 | 47 |
| · 3BR | 138 m² | $326,797 | $2,350 | 45 |
| · 4-5BR | 182 m² | $473,460 | $2,600 | 5 |
| · 6+BR | 275 m² | $375,000 | $1,285 | 2 thin |
| Villa | 260 m² | $264,411 | — | 6 |
Source: emlak.az + bina.az + yeniemlak.az + vipemlak.az (144 listings, cross-source deduped). Villas = emlak slug-tagged houses only; bina towers (location 380) are all apartments. Entry apartments from ~$99K; ~$1,290–2,580/m².
| Dimension | Split |
|---|---|
| Finish | Bare / white-box (черновая) 71% · renovated / turnkey (под ключ) 29% |
| Provenance | Primary / developer stock — all listings have no title deed yet, every unit under a Sea Breeze sales company |
bina.az's Sea Breeze pages are the developer's own sales channel — companies "Sea Breeze / Prime Residence / Palm Beach…", and çıxarış (title deed) = yoxdur on all 66 → these are primary units (sold по договору). Secondary / owner resale lives on the classifieds: a sample of emlak.az listings carried title deeds (Çıxarış/Kupça) on most — i.e. titled resale — while vipemlak·yeniemlak only mention finish in free text (not structurally exposed). So primary-vs-secondary ≈ bina (developer) vs the classifieds (owners). Sea Breeze is a young build, so ~71% of this primary stock is handed over bare-shell — finish is the buyer's added cost. Flags: bina.az hasRepair / hasBillOfSale / company; emlak.az Sənədin tipi.
| Type | ADR median | ADR P75 | Sea Breeze listings |
|---|---|---|---|
| Apartment / Condo | $140 | $174 | 20 |
| Villa | $257 | $275 | 4 |
Source: Booking.com (Sea Breeze-filtered). Airbnb excluded — its geocoder returns central Baku, not the resort.
| Sea Breeze sub-complex | Units | Median m² | Median price | $/m² |
|---|---|---|---|---|
| Palm Beach | 4 | 159 m² | $510,545 | $3,175 |
| Polo Residences | 7 | 127 m² | $329,000 | $2,750 |
| Port d'Azur | 3 | 51 m² | $131,940 | $2,585 |
| Prime Residence | 18 | 90 m² | $234,411 | $2,476 |
| Park Residences 2 | 5 | 58 m² | $138,235 | $2,383 |
| Lighthouse | 19 | 95 m² | $205,750 | $2,300 |
| Palazzo del Mare | 11 | 109 m² | $243,980 | $2,300 |
| Malibu Residence | 2 thin | 93 m² | $215,515 | $2,218 |
| Marina Village | 11 | 124 m² | $251,176 | $1,986 |
| Park Residences | 32 | 97 m² | $194,425 | $1,925 |
| Park Residences 4 | 2 thin | 48 m² | $71,176 | $1,512 |
| Park Lane | 3 | 35 m² | $52,941 | $1,445 |
bina.az + yeniemlak.az + vipemlak.az listings grouped by branded sub-complex (sale-side only — there is no per-complex rental split). Sub-complexes are the nearest thing to "districts" inside a single resort. Complexes flagged thin have n=2 — shown for coverage; treat $/m² as indicative.
A Sea Breeze apartment (median ~$218,235, $2,300/m²) at a $140/night resort rate and a conservative 45% blended occupancy pencils to ~5.6–7.2% net; villas (median ~$264,411) land ~9.1–9.8%. That sits just below the developer's "8% yield" headline — the gap is occupancy and ADR optimism, not a different market.
Caveats, stated plainly. 144 real sale listings (emlak.az + bina.az + yeniemlak.az + vipemlak.az, cross-source deduped); 20 Sea-Breeze rental records on Booking (Airbnb excluded — geocoder returns central Baku). The resort is highly seasonal (summer >80% / winter <25%) so the figure is very occupancy-sensitive. Treat as directional.
Methodology. Sale: emlak.az + bina.az + yeniemlak.az + vipemlak.az static listings (real per-unit prices), cross-source deduped on (price, beds, size). Rent: Booking.com nightly, filtered to Sea Breeze / Nardaran. Yield: ADR×365×occ÷price for gross; net after operator split, Azerbaijan 14% withholding, capital-scaled opex. Development-level (apartment vs villa) — sample too thin for submarket × bed crosstabs.
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