More Appraisers with International Certificate
A new course of the Society of Appraisers of Azerbaijan (SAA) starts. According to the head of the organization Irada Shukurova, training will be versatile and aimed at improving the assessment of both residential and non-residential properties. In addition, it is hoped that lots of experts will obtain international certificates - today there are 40, mainly in Baku, which is not enough at the national level.
According to real estate experts, today the market is experiencing stagnation - in June, nearly all operations, even in the capital, were in fact suspended, and the hope is to simplify mortgage lending. The natural growth of operations will come in August, due to the influx of newly enrolled students. This revival will be in the rental segment, mainly of second homes, as after the February devaluation of AZN the purchase of real estate temporarily weakened. --17D-
Economics
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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.
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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.
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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.
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"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.
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