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Privatisation and leasing of public property boost Azerbaijan's finances

Economy Materials 23 December 2024 15:50 (UTC +04:00)
Privatisation and leasing of public property boost Azerbaijan's finances
Sadig Javadov
Sadig Javadov
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BAKU, Azerbaijan, December 23. Azerbaijan's State Service for Property Issues under the Ministry of Economy transferred over 108.4 million manat ($63.7 million) to the state budget from the privatization of public property from January through November 2024, Trend reports citing the State Service.

A total of 571 new lease agreements for non-residential areas were signed in the first eleven months of 2024, bringing in approximately 6.5 million manat ($3.8 million) in revenue for the state budget.

In the same period, 3,152 new land lease agreements were concluded, contributing 27.8 million manat ($16.3 million) to the state budget.

Overall, during the reported period, a total of 3,723 new lease agreements for non-residential and land areas were signed, marking a 17.1 percent increase compared to the same period last year.

Additionally, the total revenue from the leasing of state-owned real estate amounted to 34.3 million manat ($20.1 million), reflecting a 17.5 percent growth compared to 2023.

Thus, the combined revenue from privatization and leasing of state property from January through November 2024 totaled 142.7 million manat ($83.9 million), showing a 2.5 percent increase compared to the same period in 2023.

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