The decree of President Ilham Aliyev on May 4 made changes in the structure of the State Committee for Property Affairs (GKVI – local abbreviation, as well as others in this text – Ed.). It created two new institutions in this department: Service for Real Estate Cadastre and Address Register (SKNIAR) and the State Agency for the Organization of Government Lands (GAOGUZ).
The document approves a new regulation on GKVI and divisions under it, including the State Register Service of Real Estate (SGRNI) and an auction center for the organization of auctions.
The limit on the number of employees at GKVI is set at 851 people, which is 125 more than the previous one. Sixty-five people will work in SKNIAR and 55 will work in GAOGUZ. The number of employees in the central office of GKVI has been reduced from 260 to 245, while the territorial offices will have 345 people instead of 315. The staff of SGRNI (80) has remained unchanged, and the auction center has cut 10 staff units (61 people).
The Cabinet of Ministers was commissioned to prepare proposals to improve the legislation on real estate valuation in two months.
The number of Vice-presidents of GKVI, according to the new position of this department, has remained at the same level. The GKVI Chairman Kerem Hasanov will have only two deputies. The GKVI Chairman is the Chief State Inspector of State Supervision over the Use and Protection of Lands. ---08D
Economics
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.
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