State-registered real estate in Azerbaijan increased by 30.2% in the first half of 2022

State-registered real estate in Azerbaijan increased by 30.2% in the first half of 2022

State-registered real estate in Azerbaijan increased by 30.2% in the first half of 2022

The State Service for Property Issues under the Ministry of Economy keep working to simplify the procedure for registering real estate, increase citizen satisfaction and expand e-services.

The introduction of innovations and modernization of services have led to an increase in the number of property registrations. Real estate registration increased by 30.2% over the same period last year. So, in January-June 2022, 144,558 properties were registered by the state. Of these, 33 129 properties are primary and 111,429 re-registered. Note that the initial registration is the first recognition of rights to real estate by the state, while re-registration implies the recognition by the state of the rights arising from the alienation of real estate registered in the state real estate register or its transfer to another on other grounds provided by law.

The property, the ownership of which were registered in January-June of this year, include 21,643 private houses and cottages, 44,576 apartments, 71,904 land plots, 1,645 non-residential buildings, 4,411 non-residential areas, 363 property complexes and 16 multi-storey residential buildings.

In the first half of 2022, 7,533 private houses and cottages were registered. Compared to the same period last year, the number of initially registered private houses and cottages increased by 16.6%. A similar situation was observed for the initial registration of land plots and non-residential areas. As compared with the first 6 months of 2021, in January-June of this year, the initial registration of land plots increased by 28.3% to 7,653, and that of non-residential areas reached 2,260 increasing by 36.4%.

The re-registration of private houses and cottages, apartments, non-residential areas and land plots has increased. Compared to the same period last year, re-registration in the first 6 months of 2022 increased by 37.1% to 14,110 for private houses and cottages, by 59.5% to 29,111 for apartments, by 35.8% to 64,251 for land plots, and by 58.7% to 2,151 for non-residential areas.

In general, compared to the first half of last year, re-registration of real estate in the country increased by 41.9% from 78,508 to 111,429 in January-June of this year.

In January-June of this year, a technical inventory was carried out and technical passports were drawn up for 113,976 real estates. This is 18.5% more than in the same period last year. In addition, 189,318 references (Form-1) were issued to legal entities and individuals with a description of real estate, rights to this property registered in the state register and their restrictions (encumbrances). Compared to the first half of 2021, the number of such references increased by 67.9%. The number of mortgage agreements registered in the first six months of 2022 increased by 52.5% to 23,224 compared to the same period last year.

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