Azerbaijan sees substantial decline in registration time for real estate rights (UPDATE)

Economy Materials 24 February 2023 16:56 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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Details added (first version posted at 14:11)

BAKU, Azerbaijan, February 24. As a result of reforms in the registration of real estate rights in Azerbaijan through a one-stop-shop principle, the procedure time was reduced from seven days to one, while the number of procedures dropped from four to one, Chairman of the Real Estate Cadaster and Address Registry Service Public Legal Entity of the State Committee on Property Issues under the Azerbaijani Ministry of Economy Nigar Alimova said during the "Digital Management Platform and Launch of New Economic Initiatives" conference, Trend reports.

"The implemented reforms were mainly focused on the number of transactions, prices, methods of payment, and procedures for obtaining documents. The primary objective was to effectuate the one-stop-shop principle by minimizing administrative-enforcement procedures. The targets set this time were to apply a single payment system, which would reduce costs, simplify maintenance, diminish the number of documents, and prevent loss of time. As a result, both the number of procedures and the time spent have significantly decreased," she added.

It has been earlier reported that Azerbaijan plans to automate the primary registration of real estate.

A total of 382,319 real estate ownership registration operations (85,449 primary, 296,879 repeated) were carried out in Azerbaijan in 2022. Out of the total number of transactions, land plots comprised 59.2 percent, residential premises – 24.7 percent, private houses – 12.9 percent, while non-residential premises accounted for two percent.