Construction Companies Functioning without Necessary Financial and Technical Base Should be Closed: Head of State Real Estate Register Service of Azerbaijan (video)

Business Materials 16 October 2007 18:27

Azerbaijan, Baku /corr. Trend U.Ismaylova / All construction companies functioning in Azerbaijan without financial and technical base demanded for this sector should be closed, said the Head of the State Real Estate Register Service of Azerbaijan, Arif Garashov, on 16 October.

At the end of August a 16-storey building collapsed in Baku which led to death of 25 people. On 30 August the President of Azerbaijan issued an order toughening the State control on the construction sector.

"Toughening the control on the construction companies will not affect the prices in the market of the real estate," Garashov said.

According to him, only two factors, price increase for construction materials and increase of workforce cost, may affect the prices.

Since the beginning of the year, the prices in the real estate market increased by 25%, he said.

According to him, significant price changes are not expected to take place by the end of the year.