Azerbaijan issued a certificate of ownership to 83.2 thousand real estate objects, which is 21.3% less than in the first half of 2016 than in the comparable period last year.. This is stated in the report service of the State Real Estate Register Service under the State Committee on Property.
This year, a special activity is observed in the segment of trade in private and municipal land. Land plots (43,300) accounted for 52.1% of the real estate registration in H1. This decrease in activity in the real estate market was just due to this segment. The volume of transactions in land allotments decreased compared to the first half of 2015 by 29.1%.
In the segment of apartments in the property market this year, there is certain stabilization. In H1, 2015, 22,518 real property rights were registered, and this year (21,827), the figure decreased by 4%.
Starting this year, the taxation of transactions of purchase and sale of real estate has changed and is carried out, depending not on the contract value, but on the property area. ------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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