Hagag Group Enters Azerbaijan: 3,500 Apartments in Sea Breeze with Tevakol Family and Emin Agalarov

Israeli public real estate company Hagag Group (HGG.TA) has signed memoranda of understanding for two major residential projects in Sea Breeze, Baku. The projects will deliver approximately 3,500 apartments with a total built area of around 358,000 square meters.

The land is valued at up to $93 million. Hagag and its local partner, Tevakol Family, will make an initial investment of about $17 million, with the remaining land cost paid from future apartment sales. This structure significantly lowers the upfront capital required.

Partnership Structure

The projects are located inside Sea Breeze, the large coastal development founded and led by Emin Agalarov. Tevakol Family, an Israeli company with established real estate activity in Azerbaijan, is the local partner.

Key parties:

•  Emin Agalarov – founder and owner of Sea Breeze

•  Tevakol Family – experienced Israeli partner is operating in Azerbaijan since 2018

•  Hagag Group – major public Israeli developer entering Azerbaijan with significant scale

Both projects are planned on the first line to the Caspian Sea (approximately 2,475 and 1,000 units). Apartment prices in the area currently start from around $150,000.

This marks one of the largest entries by an Israeli public real estate company into the Azerbaijan residential market in 2026 and further positions Sea Breeze as a growing destination for Israeli investors.

Disclaimer:

Based on Hagag Group’s announcement and public reports as of August 24, 2026. Agreements remain subject to due diligence and final contracts. Figures may be updated. For informational purposes only.

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