The Central Bank of Azerbaijan for the first time gave big numbers of falling realty market turnover (including residential premises) in comparison with NGOs. The subsidence position is directly related to the devaluation, as a result of which the manat became a secondary financial instrument for trades in this segment.
According to the report of CBA, in the first quarter the market declined by 23.8%, while most affected was the scope of the secondary market - by 27.6%.
As of April 1, (according to the notaries), the total cash flow was at 920 million 123 thousand manat (minus 23.8% against 1 April 2014). Proceeds to the accounts of notaries on the purchase / sale of real estate in the secondary market during Q1 amounted to 379 million 368 thousand manat (minus 28.7%), and the write-off from these accounts was 435 million 829 thousand manat (minus 26.7%).
This initial sale of real estate construction companies and cooperatives totaled 104 million 926 thousand (minus 23.4%). In the secondary market, the total sales volume was at 815 million 197 thousand manat (minus 27.6%).
Intermediaries also lost in the total profit - from January to April, they gained 56 million 461 thousand manat (by April 1 of last year it was 61 million 913 thousand manats - minus 8.8%).
The share of mortgage loans issued by banks - partners of the AMF was 36.7% of intermediaries’ participation. In monetary terms, it is 20.7 million against the 27.4 million manat as of April 1 of last year. --17D-
Economics
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In a significant step towards advancing economic reforms, Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with a delegation led by Charles Donald, Chair of the OECD Working Party on State Ownership and Privatisation Practices and CEO of the UK Government Investments Agency. The meeting underscored Azerbaijan's partnership with the Organisation for Economic Co-operation and Development (OECD) and explored new avenues of collaboration.
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Azerbaijan is finalizing work on the "E-KOB evi" digital portal, aimed at streamlining business operations and enhancing coordination between entrepreneurs, state agencies, and private entities, Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), said.
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On December 3, Azerbaijan's Cabinet of Ministers approved new regulations requiring small electric transport vehicle operators to provide detailed data on vehicle use and operator information to government systems, effective immediately.
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In November 2024, the State Oil Fund of Azerbaijan (SOFAZ) sold $574.6 million, pushing the total dollar sales for the first 11 months of the year to $6.5 billion. According to SOFAZ, this represents a 40.8% increase compared to November 2023, when sales reached $339.9 million.
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