Khazar Islands

The Khazar Islands, also known as Caspian Islands, is a stalled development of artificial islands 25 km south of Baku, Azerbaijan consisting of 41 islands extending 3,000 hectares into the Caspian Sea. The stated plan was for $100 billion, with $30 billion coming from foreign investors and another $30 billion from apartment sales, the city aims to house 1 million residents in development with 150 schools, 50 hospitals, and daycare centers, numerous parks, shopping malls, cultural centers, and a university campus plus a Formula 1 quality racetrack around a centerpiece $2 billion Azerbaijan Tower.

The city was expected to be equipped with 150 bridges and a large municipal airport to connect the Khazar Islands to the mainland. It is expected that, in general, the city, when completed in 2022–2023, will host 1 million residents. According to the project, the price of completely renovated apartments will be around $4000–$5000 per square meter. Construction on Khazar Islands began in March 2011 and substantial building works were achieved during Azerbaijan's economic boom. In August 2014, the main beach area was opened with fanfare with many sky-scraper buildings already partially constructed.

Location: Baku, Azerbaijan