Like any major investment, buying real estate has risks and uncertainties. The key is to be aware of the dangers and minimize the risk.
Over the last few years apartment construction in Baku has risen steeply. Though the sector has beaten growth forecasts over the past years, still some construction companies fail to complete their projects on time, on budget, and of high quality. Sometimes, commercial construction companies even try to swindle their clients.
The government of Azerbaijan has introduced a mechanism of preliminary registration of real estate, in order to prevent fraud, particularly, selling apartments to several people.
Head of the Real Estate Public Register Service under the State Committee for Property Affairs Hikmet Mustafayev has presented the new electronic property registration service at a press conference on September 27.
Now, apartment buyers will be able to find information on approximate cost and on availability of documentation for a new apartment in an online mode.
Mustafayev said that this will be possible due to the introduction of two new e-services - "Issuance of information on the availability of apartments in multi-storey residential buildings that have received an extract from the state register of real estate" and "Issuance of information on the purchase price under the contracts for the sale of apartments."
These e-services will allow increasing the number of legal owners of apartments, and reduce existing risks in this area to a minimum.
"These services can be used not only by buyers, but also by realtors and other interested persons," Mustafayev said.
Preliminary registration of real estate will have several advantages, for example, prevention of the sale of apartments to several people, provision of economic and legal support to real estate transactions, as well as regulation of processes, related to mortgages, donations and collateral for real estate, the construction of which has not yet been completed.
Another important aspect of the pre-registration is to prevent the overestimation of the apartment's area, which, in turn, allows for accurate settlements when selling real estate.
Mustafayev further stressed that the introduction of new e- services can contribute to the revival of the real estate market, adding that new services will not affect the prices of real estate.
To date, the State Committee on Property Issues of Azerbaijan provides 36 services in the online mode, 4 types of electronic services and 3 types of SMS-services.
Today, the share of the construction sector in Azerbaijan’s GDP amounts to about 10 percent.
The government plans to achieve a GDP growth by 249 million manats ($ 147.73 million) until 2020, through the implementation of measures envisaged in the Strategic Road Map for the development of housing provision at a reasonable price.
The Road Map comprises short-term (until 2020), medium-term (until 2025) and long-term measures (post 2025) to be implemented in the sphere. Some 900 million manats ($533.97 million) are planned to be spent for the implementation of the measures. Under the Road Map, some 10,000 new jobs will be created in the construction sector of the country.
azernews.az