Initial Registration of Rights to Real Estate Decreased by 20%

In the first half of this year in Azerbaijan provided evidence on the ownership of real estate for 71,468 units. This is 3.9% more than in the comparable period of 2011. The activity in the property market has only been observed in the secondary segment.

Service of the state registration of immovable property registered in the first half of 2012 in the secondary market by the owner of the rights of 50,800 operations for change of ownership. Activity in the secondary market increased 18%. During this period, the owners of the rights issued 20.5 thousand new objects, which is 19.9% ??less than in the same period of 2011.

The most popular type of property in January and June this year were the land on which registered 27.2 rights owners. Increased activity of the market has been reached is due to operations on purchase and sale of land (13.3%). Transaction to individual homes and suburban areas (14.3 million) in the first half of this year fell by 3.1%.

The share of Baku in January-June was 37.1% of the real estate transactions in the country. The share of apartments in the overall portfolio of real estate in the city of Baku was 66.7%.

In general, observers have noted that as a result of the automation of processes of registration of real property rights, red tape and corruption in this sector has fallen significantly. - 08B-