Baku: Real estate should be built around a 'lifestyle' concept rather than merely the construction of buildings, said PASHA Holding Chief Executive Officer Jalal Gasimov during a panel discussion on 'Investment Opportunities in the Real Estate Sector' held as part of the 'Azerbaijan Investment Outlook Forum' within the framework of the Islamic Development Bank Annual Meetings in Baku, APA-Economics reports.

According to Azeri-Press news agency, Gasimov emphasized the importance of mixed-use projects that include restaurants, retail areas, and service infrastructure, noting that they not only increase asset value but also expand economic activity. He explained that such developments sell a lifestyle rather than just square meters, attracting buyers even before project completion due to the lifestyle promise.

Gasimov highlighted the economic benefits for entrepreneurs, who gain appreciating assets that serve as collateral to obtain larger credit lines from banks, thereby investing in their businesses. Increased wealth leads to increased spending, which is beneficial for the economy. He also mentioned the appeal of branded residences, which attract foreign investors by offering high-level services.

The CEO pointed out that luxury projects often have a higher import component, which can reduce the share of local production and labor, though foreign investment remains crucial. High-quality branded projects, supported by favorable visa policies, are key instruments in attracting such investments. In places like Dubai, real estate buyers receive long-term residency visas, a model Gasimov suggests Azerbaijan could improve upon.

He stressed the importance of property registration and legal transparency, ensuring that foreign buyers can fully register property in their names and use it as collateral. This approach, with proper implementation and cooperation between the private sector and government, can have a broad positive impact on the economy.