The State Committee on Property (SCP) announced on October 1st the land auctions. The sale by auction and competition put 31 land allotment of 14 municipalities in nine districts.
According to the SCP, half the land is intended for the construction of individual housing. This is mainly plots of land of up to 1000 square meters. Municipality Hindarh Agjabedi offers for rent two lands (7.6 hectares and 8 hectares) for agricultural purposes.
Land sales in Azerbaijan have been going on since April 2009, after the negative practices of municipalities for the sale of municipal land. Local authorities sold land at low prices. Then lot of corruption was revealed, which got involved the heads of municipalities. Since 2009, the sale and rental of land began under the organization of the State Committee on Land and Cartography (SCLC). In February this year the SCLC was abolished and its functions for the organization of land auctions were transferred to the SCP.
It is noteworthy that the land auction is held on the unrivaled basis. The cost of land offered for sale are by several times lower than their real market value. --08B--
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review