Baku: A legal basis is being established to enable the exchange of state-owned property, including state-owned land, with privately owned assets by mutual agreement, APA reports. The proposed changes were discussed during a meeting of the Milli Majlis Agrarian Policy Committee.

According to Azeri-Press News Agency, the provision is included in the draft law 'On Amendments to the Land Code of the Republic of Azerbaijan, the Civil Code of the Republic of Azerbaijan and the Law of the Republic of Azerbaijan 'On Valuation Activity'. The draft emphasizes that state property prohibited from privatization, lands under exclusive state ownership, or those designated for state needs are exempt from such exchanges.

The draft law mandates that the valuation of exchanged assets, such as land plots, must be conducted by a certified valuer in accordance with the Law 'On Valuation Activity'. The valuation will consider market prices formed during the sale and purchase of these properties. Furthermore, proposed amendments to the Law 'On Valuation Activity' will allow state bodies and municipalities to become customers of valuation services.

It was highlighted that once the law is adopted, formal procedures for exchanging state-owned property with privately owned assets will be established. The amendments aim to enhance the efficient use of property and land plots, stimulate land market activity, boost economic activity, and offer more flexible property exchange opportunities between the state and citizens. This will ensure that the state participates in civil transactions on equal terms with other civil law subjects.