To add to the development of the real estate sector in Azerbaijan a project known as AzRealty was held in the recent times. The organization of this exhibition took place to fulfill the demand and supply from the realty markets all over the country. In 2005 the total amount garnered from the construction sector was $1.62billion. During the January-April session this increased to $900million, which is 9.4% more than the previous year. With the construction of houses and buildings the prices of premise in the second market increased.
Objectives of the AzRealty
The AzRealty has certain objectives to fulfill. They wish to gain all information on the real estate market on Azerbaijan from all sectors. They also handle the presentation of the best options regarding the properties. They organize demonstrations of the newest achievement in real estate sector venture.During 2005 the Mortgage Law was implemented and 1813 buildings were set up in Azerbaijan. This period witnessed a real development in Azerbaijan construction leading to a development in the real estate market.
Acquisition of Land in Azerbaijan
Acquisition of land in Azerbaijan is very simple. The most popular method of gathering fund for land acquisition in Azerbaijan is the mortgage method. Different sets of rules are formulated for the commercial and personal transactions of properties. If the buyer wants time to inspect the house he/she has to pay more money to the seller. The purchaser can demand more than the earnest money from the seller in case the deal falls through.The seller carries on an investigation before he closes the deal. While a buyer takes almost 30 days to do a thorough probe on the area in which he is buying the plot. A buyer must obtain permission before he decides to buy the property. The seller produces warranties to the buyer regarding the property. This is beneficial for the buyer and the opposite for the seller. The agreement, which is closed, must contain in writing as to who will pay for the title insurance. The buyer must be cautious about the kind of deed provided by the seller. One should go for the most common form of deed. The agreement must also contain the terms that define the ownership of property in case of a damage of the property or a portion of the property is condemned before the closing of the deal.
The Real Estate Agents in Azerbaijan
Certain USA and UK based agencies carry on real estate business in Azerbaijan. The leading among them are:- Weichart Realtors Mazzeo Agency
- Caspian Agency
