Azernews.Az

The allocation of additional funds within the Real Estate Registration Project implemented by the World Bank (WB) in Azerbaijan is not currently under consideration, head of WB mission Gavin Adlington told journalists on November 27.

"The project budget has not undergone any changes. The project was extended due to the postponement of some works it includes. Making systematic arrangements related to the registration of real estate is a very time consuming process," the head of the mission said.

He stressed that one more component was added to the project.

"The component is related to the real estate assessment. The main objective is to determine the real value of the property at the market. There is an opportunity for work and development in this area in Azerbaijan. This information is important for both government agencies and ordinary citizens who want to buy or sell a property," Adlington said.

The Azerbaijani government and the World Bank signed an agreement on the project of creating a unified system of real estate cadastre in July 2007. The project consists of four components - registration of real estate, management and register of state property; basic cartography and cadastre, training, policy development and project management.

As a result of restructuring, the project designed for 2008-2012, has been extended until late 2014.

A $30 million WB loan accounts for most of the cost of the $38.57 million project.