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Registration of rights to land rises twice

The State Property Service (SPS) under the Ministry of Economy registered ownership rights on 179.400 real estate items during the four months of this year. This is up by 66.8% from the same period of the last year, the SPS noted. A share of land plots for agricultural and other purposes (130.200 transactions) accounts for 72.6% of the total number of real estate titles registered within January-April this year. At the same time, transactions in this type of real estate have more than doubled in comparison with an appropriate period of 2022 (61.800). The secondary market accounts for 84.4% (151,436 extracts from the State Register) of transactions to register property rights. Noted that the secondary market activity has risen by 1.8 times as compared to the same period of the last year. Over four months of this year, the rights to about 28.000 real estate objects were registered for the first time, which exceeds the figure for the same period of the last year by 6.2%. According to the SPS, from January to April 2023, 15 623 real estate objects have been titled for private houses in the city and country houses (+3.9%), flats in apartment buildings – 29 834 (+10.6%), non-residential buildings – 1 015 (-11.5%) , non-residential premises – 2 409 (+6.5%), property complexes – 213 (-22.3%) and multi-storey residential buildings – 40 (+2.5 times). It is worth recalling that the specific weight of real estate market transactions carried out this year in Baku (30,829 objects) is 17.1%. The remaining 82.9% of real estate transactions were performed in the country’s regions. According to the SPS, the number of registered mortgage agreements on real estate pledge rose by 12.1% as compared to the same period of the last year, and reached 24,769 units.

Source: Turan News Agency