House on Overseas Shores

Investing in real estate is much more profitable than buying securities of enterprises or placing money on bank deposits. An enterprise or a bank can go bankrupt, and real estate will always remain in value. Many Azerbaijanis listened to this advice of independent experts, exporting their capital abroad and buying up apartments and villas in other countries where economic stability and development reign.

According to the Report of Turkey's Statistics Department, the citizens of Azerbaijan purchased more than 333 houses and apartments in Turkey in January-June this year, finishing in the 6th place in the ranking of foreign citizens who bought a house in Turkey. Topping the list of buyers are citizens of Iraq (1,645), Saudi Arabia (1,517), Kuwait (798), Russia (600) and Afghanistan (524).

In January, Azerbaijanis bought 54, in February - 55, in March - 50, in April - 65, in May - 63, and in June - 46 houses. For the same period in 2016, Azerbaijani citizens bought 336 houses in Turkey.

As the studies have shown, our compatriots basically buy houses and villas in the resorts of Antalya, Belek, Alanya and in other towns along the Mediterranean.

However, the geography of the acquisition of overseas property is not limited to Turkey. According to the newspaper Mulkiyet of the State Committee for Property Affairs, our compatriots buy real estate in Bulgaria, on the Black Sea coast, where resort areas are located. It turns out that the new owners live in these apartments in the summer season, and the rest of the time the houses are empty.

Azerbaijanis, according to local real estate firms, also buy property in the Czech Republic, where real estate prices range from 40 thousand to 500 thousand euro, depending on the housing area, the city, the area"s prestige and so on factors. In the center of Prague you are unlikely to buy an apartment for 70 thousand euro, but in the outskirts you can become the owner of a nice, renovated two-room apartment. By the way, the Czech Republic, like a quiet harbor to save capitals, has long been chosen by oligarchs, "steep" businessmen, high-ranking officials and their relatives. For example, in the prestigious Czech spa town of Karlovy Vary, mansions and apartments have been purchased by famous Azerbaijanis, in particular, the head of the Caucasus Muslims Department Allahshukur Pashazadeh, his brother, MP Javanshir Pashazadeh, MP Adil Aliyev, and Sahib Mirzoyev, the businessman Fakhraddin Mirzoyev"s father.

There is an interesting detail - Karlovy Vary has been chosen not only by Adil Aliyev, but also by his brothers, Colonel-General Maharram Aliyev, the former chief of the Main Police Department of Baku, as well as Allahverdi Aliyev, a former police colonel.

The question of how the Aliyev brothers could buy a modest villa with an area of ​​120-150 square meters for 360,000 euro for their MP or General salaries remains open. Annoyed by these questions of our "tactless" journalists, Adil-Muallim said through the press: "Yes, I have a house in Karlovy Vary. What is unusual about that? Everyone can buy such a house."

But let"s turn back to the main topic. Among the owners of houses and apartments in Germany, Italy and France there are many citizens of Azerbaijan. Of course, these people are part of the political and business elite of the country, since not every official or entrepreneur can buy an apartment in Munich, Hamburg, London or Paris. For example, in Munich, the starting price of a small apartment is 240 thousand euro, in London, prices for penthouses and mansions start from 500 thousand euro, and in Paris, a three-room apartment on the banks of the Seine is sold for 16 million euro. Proceeding from this, it is not difficult to guess who can afford to purchase housing in these European cities.

As the head of the real estate firm House Boom Hagan Gulamov points out, recently, against the backdrop of the economic crisis, the interest of our citizens towards foreign real estate has significantly increased. Here, three factors play a role. First, people take their deposits from banks and buy housing, either in Turkey, or in Georgia (Tbilisi or Batumi), depending on their financial capacities. By this they protect their capital and, at the same time, they acquire places for rest. These objects can then be resold profitably. The second factor is business and investment. Some Azerbaijanis buy houses in Europe, lease them and make a profit. And the third factor is that in a number of European countries the owners of expensive real estate are provided privileges; in particular they have a right to permanent residence and citizenship.

That's why the children and spouses of our ministers and oligarchs (or maybe they themselves too) have the citizenship of Western states. In the case of prosecution in their native Azerbaijan, they can "hide" overseas. An example is the wife of the former head of the International Bank of Azerbaijan Jahangir Hajiyev, Zamira-Khanum, which has the UK citizenship and quietly lives in her multi-million London mansion.