In the first quarter of 2015 about 49 000 operations for registration of rights to real estate were carried out in Azerbaijan, which is 11.1% more than in the same period last year, the State Committee for Property Affairs said.
During this period, the rights to more than 11 000 properties were registered for the first time. In annual terms, the operation of the primary registration of real estate fell by 12%. Activity on the sale of real estate increased 20%. Within three months of this year, they have become the subject of 38,000 objects.
The most popular type of real estate market was land holdings: from the beginning of the year operations with 27,000 parcels of land have been carried out.
It should be noted that this year two legal acts were adopted, aimed at the legalization of individual houses built without compliance or permit procedures. However, the problem is not fully resolved: still the only legal document at many owners of individual houses is a contract with the municipality to allocate land. 08B
Economics
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In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.
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In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.
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In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.
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Azerbaijan’s industrial sector showed resilience in 2024, with total production in January-November reaching 58.3 billion manat, a 1.1% increase compared to the same period in 2023, according to the State Statistics Committee. While growth was driven by robust gains in the non-oil and gas sectors, the report underscores a gradual but notable shift in the country’s economic priorities and production dynamics.
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