Baku: The process of privatizing residential properties allocated to citizens during the Soviet period in Georgia has been fully completed, Georgian Prime Minister Irakli Kobakhidze announced at the 13th session of the World Urban Forum (WUF13) held in Baku.

According to Azeri-Press News Agency, this privatization has established a clear legal framework for urban stability and individual property rights. Prime Minister Kobakhidze highlighted that the full transfer of these apartments into private ownership has contributed to urban stability and the protection of property rights.

The Prime Minister further mentioned that the complete registration of land plots and the finalization of the national cadastre in Georgia have bolstered legal certainty, enhanced land governance, and fostered a more transparent environment in the real estate market. Balanced regional development and modern urban planning have become key priorities in the state policy of Georgia.

Additionally, Irakli Kobakhidze noted that, with the backing of international partners, Georgia is advancing the National Spatial Development Concept, which serves as the main strategic document for housing and urban development. He expressed gratitude to the Azerbaijani government for its hospitality and the effective organization of the forum.