Azerbaijan entered into force legislation that presumes restriction on alienation of land plot acquired for the construction of individual residential buildings.
According to the presidential decree of February 2 on the application of the amendments to the law on the controls of municipal land, people that have acquired land from municipal councils or other legal bodies cannot sell it for five years. This limitation should be specified in the decision of the municipal council on the sale of land, as well as other subjects of contract on the sale of land.
Public debate showed that many people agree with this approach, since in many cases land becomes a subject of speculation that leads to artificial increase of prices in the land market and related markets (apartments, building materials, etc.).
At the same time, lawyers believe that the restriction on the sale of land in law is against the property rights provided by the Civil Code. In some specific cases (leaving the country by the land owner on a permanent basis) this may lead to an incident. In their opinion, speculation transactions on purchase and sale of land can be also fought by the use of high tax rates on them. ----- 08B
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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