State Committee for Property Affairs (SPC) released data on the state registration of rights to real estate, according to which the first eight months of this year, with a general increase in market activity, the initial registration of ownership of real estate fell 20%. This is mainly due to the difficulties in providing the owners of documents on the legality of the structure.
The share of the primary registration of rights to real estate in the total registration of the rights to the property in January-August was only 28.8%. According to official data, the country has more than 500 thousand properties that are classified as illegal, that is built in unknown locations (in shelterbelts utilities, roads and railways) and without permits.
For eight months of the year in the country there were given extracts from the register of real estate on 97.3 thousand objects. This is 1.9% more than in the comparable period of 2011.
The number of transactions in the secondary market continues to grow. Only in January-August this year, there were about 69.2 million operations on purchase and sale and other forms of expropriation. This is 14.6% more than in the same period last year.
The number of transactions (36.8 per thousand) with land is an active tool in the market. Noticeably slow down operations with apartments in residential buildings, including housing privatization (35.8 thousand transactions). While operations with land increased 11%, in the apartment market, the figure was only 3.2%.
It is noteworthy that operations with individual and suburban homes (19.2 million) decreased compared to the same period in 2011 by 9.4%. Decreased the registration of ownership of non-residential building (-16%), property complexes (-11.3%), multi-storey residential buildings (-41%) and areas under permanent crops (-78.5%).
The share of Baku for the regional property market was 37.4% in January-August. At the same time Baku leads in the number of transactions with apartments (68.3%) and non-residential areas (79.8%).
Note that from May 2012 the owners were able to draw the right of property in the secondary market in the electronic form. True, SPC has not informed about the intensity of such requests yet. - 08D -
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