For seven months of this year Azerbaijan registered ownership for 97,687 real estate objects. Compared with the same period last year the activity in the property market has grown by 16.9 %.
According to the State Committee on Property Issues, in January and July of this year, the owners for the first time received the documents of ownership of the 27,312 new objects of real estate. Primary real estate registration in the public register increased 14.8 %.
In the secondary market were recorded 70,375 transactions (+17.7 %) on the sale of real estate. In contrast to the primary real estate market, property rights can be registered either in an electronic mode or using ASAN Khidmet.
About 40 % of real estate transactions accounted for allotments. Compared to the same period in 2012, investors' activity in the land market has grown by 21.2 %. The share of Baku is 5,271 out of 38,672 land transactions.
Since the beginning of the year, operations have been carried out with 33,371 flats (+9.8 %) in multi-family buildings. Another 21 000 operations (+21 %) was carried out with individual houses and lands.
This year, more active is the market is non-residential buildings (2420), where the increase is 30.1%.
The registration of multi-storey buildings has intensified. In January-July the State Property Committee registered 4 such properties in Baku and 19 in the regions.
For seven months, there were over 23 thousand mortgage real estate transactions. This is a 24.8% increase over the same period in 2012. - 08D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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