By Nigar Abbasova
The prospect of significant changes to underline dynamic of the real estate market of Azerbaijan awaits buyers and sellers in the years to come.
Head of the State Committee on Property Issues Azer Bashirov stated that the country intends to revive its real estate market, mentioning that RecExpo international real estate exhibition, scheduled for November 22-24 will give a stimulus to achieve the goal.
A number of companies representing some 9 countries, including Turkey, Ukraine, Spain, Portugal, Hungary, Luxemburg and UAE will participate in the event, which will be focused on the revival of the market and attraction of foreign investors to the sector, he said at a press conference on November 14.
The event will be organized by the Committee, Elan Expo and Atılım Fuarcılık, while such large companies as Gilan Holding, Absheron City, Daydream Island, Azinko, Dreamland, AMF Park, Yeni Hayat will exhibit their projects at the event.
Being a reliable investment instrument, real estate is deemed to be one of the most effective means to preserve and increase capital.
In Azerbaijan, there is no difference in the rights of foreigners and local citizens for buying a real estate. The foreign citizen, as well as the citizen of Azerbaijan can buy any property, except a land plot. Prices in the market are mainly determined by location, quality of buildings and a number of other factors.
Bashirov went on saying that the event will also exhibit a stand of the Committee, while participants will be able to get acquainted with the novelties introduced by the authority, as well as get information about privatized state facilities.
Moreover, a conference Investments in the Real Estate” will be held within the exhibition.
Head of Department at the Committee Shamil Shirinov, in turn, informed that the conference will be aimed at the attraction of investments and involvement of foreign companies in the process of privatization.
The participants will be familiarized with the most recent reforms on the improvement of business environment, investment climate in the country, as well as novelties in the sphere of privatization.
Azerbaijan’s State Committee on Property Issues is engaged in the process of privatization of state-owned properties, while the acceleration of the process is defined as an important direction of the economic policy.
The privatization process is designed to attract both foreign and local investors, as well as improve the business environment of Azerbaijan.
Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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