Land for Auction at Price 10 Times Lower than Market Value

State Committee of Land and Cartography will hold on April 19 monthly land auctions in cities and regions.

Sale and lease are subject to 269 municipal plots, half of which are local governments in the Absheron district. Auctions, which started in April 2010, are of formal nature. Competitive bidding no land sold at a starting price, which in many cases is 10 times lower than the market value.

Exhibited in Absheron is land for individual housing construction offered at the price of AZN 250 per acre for the construction of commercial and industrial facilities is even lower - 157 manat. In the villages of Absheron, an acre of land is offered in the market from 1500 to 3000 manats. In Ujar 36 hectares of land are sold for 54 thousand manats. However, there are positive examples of assessment starting price of the land. In the Balakan region, for example, about three hundred of land put up for auction at a price of 14 thousand manats.

On land auction scheduled for April 19 exhibited are areas of land for the construction of individual houses (136), Business Objects (112) and agricultural uses (21). Available for rent are 218 allotments.

Sale and lease of land is one of the main sources of the budgets of municipalities in Azerbaijan. In 2012 one-third of income municipalities (AZN 12 million) were provided by the sale of land.

In January-April 2013, the municipalities exhibited to auction 955 (including the Absheron region - 377) land plots. During the same period of 2012, the figure was 873. - 08B-