Azerbaijan sees increase in real estate registrations

By Trend

The real estate registration volume in Azerbaijan increased by 8.2 percent in the first quarter of 2022 compared to the same period in 2021, Trend reports referring to the Azerbaijani Ministry of Economy.

In the first three months of 2022, 73,346 real estate units were officially registered (17,979 units, or 24.5 percent – first registration, 55,367 units, or 75.5 percent – re-registration).

Some 10,837 units of the property on which property rights are registered, belong to private residential and garden houses, 19,253 – to apartments, 40,572 – to land plots, 1,649 – to non-residential premises, 190 – to property complexes, 13 – to multi-storey residential buildings.

The ministry also noted that in the first quarter, 3,712 private residential and garden houses underwent initial state registration, growing by 10.9 percent compared to the corresponding period in 2021. The primary registration of land plots increased by 2.6 times and amounted to 9,191.

Along with this, from January through March 2022, a technical inventory was carried out and a technical passport was drawn up for 57,813 real estate objects, indicating an annual growth of 6.4 percent.

The number of registered mortgage agreements in the reporting period rose by 48.6 percent compared to the same period in 2021, settling at 15,047.