A resolution on appraisal of the land, in particular, during its use as a security, is very important, Farhad Aliyev, the Minister for Economic Development, told Trend. The problem is resolved partially in accordance with the law on Mortgage.
"We decided to inject relevant changes to the Land Code, which defines the cost of the land. We have designed our proposals at the president’s decree. This is an important milestone in the issue of mortgage credits, as though the Land Code comprises 10m manats, its real market price is equal to 5m mantas.
Nobody will accept the plot as security for a 10m credit. It actually complicates the process of issue of credits and evolves difficulties while agriculture production. The changes assume special importance from this aspect. We have submitted our proposals and the issue will be shortly discussed at the parliament," the Minister underscored.