Real estate operations increase by 19.1%
In the first half of this year in Azerbaijan were registered the ownership rights for 97,669 houses, by 19.1% more than over six months of last year.
The main part of the operations were made in the secondary market - 70.2 thousand. Then began the demolition of thousands of residential apartments in the old quarters of Baku known as "Sovetskaya Street." The property is purchased for the state needs, and planting of greenery will be on this site. Growth of real estate activity can be explained by this phenomenon.
Since the beginning of the year were compiled data sheets of 84 thousand houses, 13.8% more than in the first half of 2013.
Security of property also increased. In the first half of this year, the subjects of security became 21,060 objects. This is by 2000 more than in the comparable period of last year. - 08D-
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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