In the first quarter of 2016 Azerbaijan registered the ownership of 37,345 realty units. Compared with the same period of 2015, the activity in the property market fell by 23.4%, according to the State Committee for Property Affairs.
Operations in the primary real estate market declined at a slower pace (-3.1%) than in the secondary market (-29.6%). In January-March this year, the purchase and sale of real estate in the secondary market was by 2.5 times higher than the statistics registration of rights to real estate in the primary market (10,991).
Unlike other types of real estate, investors' interest in non-residential premises increased in the period. In the three months since the beginning of the year the rights to 826 non-residential premises were registered, and 675 of them are located in Baku.
About half of the real estate transactions accounted for land plots (18,000).
The real estate market activity reduces against the background of general decline in business and economic activity. -------08D
Economics
-
Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
-
U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
-
Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
-
Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
Leave a review