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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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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