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
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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