TODAY.AZ / Society

Gov't seeks to eliminate apartment fraud

03 July 2017 [16:25] - TODAY.AZ

By Azernews

By Sara Israfilbayova

The government of Azerbaijan plans to introduce a mechanism of preliminary registration of real estate, in order to prevent the possibility of selling apartments to several people.

Head of the Real Estate Public Register Service under the State Committee for Property Affairs Hikmet Mustafayev, addressing the presentation of the advantages and benefits of this mechanism, reminded that large-scale reforms and improvement economy in the country gave impetus to the development of the real estate and construction sector.

“One of the indicators of development is the construction of multi-apartment buildings in the country,” he said. “Preliminary registration of real estate will ensure proper documentation during the construction. This has several advantages, for example, prevention of the sale of apartments to several people, provision of economic and legal support to real estate transactions, as well as regulation of processes, related to mortgages, donations and collateral for real estate, the construction of which has not yet been completed.”

Another important aspect of the pre-registration is to prevent the overestimation of the apartment's area, which, in turn, allows for accurate settlements when selling real estate.

As for the cost of pre-registration, it varies depending on the area, location and other parameters.

The State Committee for Property Affairs intends to conduct educational work among the population on the mechanism of pre-registration of real estate.

Today, the share of the construction sector in Azerbaijan’s GDP amounts to about 10 percent.

The government plans to achieve a GDP growth by 249 million manats ($ 141.2 million) until 2020, through the implementation of measures envisaged in the Strategic Road Map for the development of housing provision at a reasonable price.  

The Road Map comprises short-term (until 2020), medium-term (until 2025) and long-term measures (post 2025) to be implemented in the sphere. Some 900 million manats ($493.09 million) are planned to be spent for the implementation of the measures.  Under the Road Map, some 10,000 new jobs will be created in the construction sector of the country.


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