Azernews.Az

Favorable conditions have emerged for investments by Azerbaijan`s companies and businessmen in the US real estate market, a native Azerbaijani entrepreneur living in the United States has said.
Paul Murad told a news conference in Baku on Monday that one of the goals of his visit to Azerbaijan was to attract local businesspeople to doing business in the U.S.
Murad is president of METROPLEX Group, a Las Vegas-based real estate brokerage, investments and development company. He was recognized by REALTOR Magazine as one of the nation`s top 30 real estate professionals.
Murad said that since the outbreak of the financial crisis, prices for real estate in the U.S. market have fallen by almost half.
"When the crisis hit, the prices started to fall. However, investing in real estate allows for return on investment in due time," he said.
The entrepreneur said businessmen from a number of oil-rich countries have begun large-scale investment in the U.S., and Azerbaijan could fill the ranks of those nations.
"I have no doubt that Azerbaijani businessmen and various companies could also invest in the American economy and increase their investment in due time. It is now the best time to invest in the United States. So to speak, the U.S. is now on sale," Murad said.
Murad went on to say that the global financial crisis started off with problems in the US mortgage system. Many US citizens who borrowed mortgage loans from local banks were unable to repay them. Therefore, banks subsequently had to put the properties on sale. Additionally, stock in banks, insurance companies and other financial institutions began to slide.
Murad said major US construction and architecture companies intended to do business in Azerbaijan, and one of the objectives of his visit was to facilitate the materialization of these plans.
"It is not absolutely necessary to build new skyscrapers in Baku at this point. However, new buildings of higher quality that stand out in terms of architectural design should be constructed in this rapidly developing capital city," Murad said.
The real estate professional said that in the past 50 years, urban dwellers in the U.S. have preferred to reside away from the downtown area, which has been reserved for doing business. In the past few years, however, consumers shifted their focus to apartments located in city centers. In Azerbaijan, people prefer to live both in and outside the downtown area, which indicates that the domestic real estate sector is growing fast.
Murad said companies in the U.S. and some other countries have requested his assistance in forging ties with businesses in Azerbaijan. "I am myself interested in establishing business ties with my homeland and believe that these projects will be a success."
The young entrepreneur said he was very surprised to find out that prices for real estate in Azerbaijan are quite high.
"Prior to the financial crisis, a house for a medium-income American family in Las Vegas was selling for $300,000. After the crisis, however, the price for such housing halved, which is about the same as in Azerbaijan."
Born in Baku in 1975, Murad has lived in the U.S. since 1992. He has received education in Russia, Spain and China. Murad holds a degree from the University of Tulsa in International Business and Finance.