Registration of real estate rights grew by 38%

The structures for maintaining the register of real estate objects of the State Property Service (SPS) registered ownership rights for 406.200 real estate objects in ten months of this year, which is up by 38.1% from the same period of the last year, the agency reports.

In January-October of this year, the rights to 63.500 real estate objects were issued for the first time. This is down by 10% from the same period of 2022.

A share of the secondary market accounts for 84% (342.600 extracts from the state register) of property rights registration operations. The activity of the secondary market grew by 1.5 times as compared to the same period of the last year.

A share of land plots for agricultural, business, etc. purposes (272.000 transactions) is 67% in the structure of real estate rights registered for ten months of this year. At the same time, transactions for this type of real estate grew by 72% as compared to the same period of the last year.

From January to October 31, 2023, the rights to the following real estate objects were registered: private houses in the city and countryside – 45,141 (for the same period in 2022 – 41.040), apartments in multi–apartment buildings – 79.589 (75.387), non-residential buildings - 2.660 (2.927), non-residential premises – 6.163 (6.100), property complexes – 601 (660) and multi–storey residential buildings - 87 (44).

A share of transactions in the real estate market located on the territory of Baku (83.900) amounted to 20.6%.