Turnover of the real estate market in January-August (at the rate of cash turnover notary offices) amounted to 3 155 160 000 manat compared to 2 459 170 000 manat a year earlier.
According to the report of the Central Bank of AR, 14% reduced the official revenue of intermediaries (banks, notaries and realtors) on deals with housing. By September 1, their share was 257,970,000 manat compared to 300.07 million manat a year earlier.
At the same time the share of mortgage loans of banks in general participation of mediators in January-August was 28.4%. Banks issued mortgage loans totaling 73.2 million manat compared to 79.1 million manat a year earlier. Mortgage in January-August provided only 4.29% of payments on real estate transactions.
Recall, according to the results of the entire 2013 property market turnover amounted to 3,983,820,000 manat compared to 2,828,200,000 manat in 2012. --17D-
Economics
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For several months now, there have reportedly been delays in the disbursement of pensions and social payments in Azerbaijan. Pensioners say that the delays range from three to five days. For example, they emphasize that while disability pensions used to be paid by the 15th of each month earlier in the year, for the past three months, payments have been made on the 20th or 21st.
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Azerbaijan's revenues from tobacco exports have skyrocketed, with earnings from the first eight months of 2024 reaching $15.6 million, a nearly fivefold increase from $3.2 million during the same period last year. The sharp rise highlights the expanding international demand for Azerbaijan's tobacco products.
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Azerbaijan imported 11,100 tons of tea worth $57.9 million in the first nine months of this year, according to the State Statistics Committee, marking a 14.4% rise in volume and a 13.9% increase in value compared to the same period in 2023. However, with only 500 tons of tea exports totaling $4.8 million, Azerbaijan remains heavily dependent on imported tea, which meets 98% of domestic demand.
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Azerbaijan significantly increased its rice imports to 52,500 tons in the first nine months of 2024, marking a 15.1% rise in physical weight and a 33.3% rise in import value compared to the same period in 2023, according to government data. The average price per ton of rice climbed by 15.8% to $1,042.17, up from $899.77 last year, further underscoring Azerbaijan’s reliance on imports to meet domestic demand, with 85% of the country’s rice needs covered through foreign sources.
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