Zonal maps to be prepared for assessing real estate in Baku.
Azerbaijan, Baku, Dec 29 /Trend A.Akhundov/
The State Committee on Property of Azerbaijan has presented a draft methodology for drawing up zonal maps in relation to real estate prices to the Cabinet of Ministers according to an article published in the journal Daşınmaz Əmlak, published by the Committee.
The project is being presented to the Cabinet together with a draft methodology for assessing the country's real estate. Both documents were prepared as part of a joint project of the State Service of Real Estate Register and the World Bank (WB) registration of real estate.
'These cards are necessary to determine market prices. According to the document, the capital is divided into 12 zones' the article says.
The authors of the project noted that Baku can be divided into more than a thousand zones in terms of real estate appraisal. For example, Vilnius is divided into 583.
The Azerbaijani government and World Bank signed a memorandum on the joint application of a single real estate cadastre in the country in July 2007.
The project consists of four components - registration of real estate, management and register of state property; basic cartography and cadastre, training, policy and project management. The cost of the project is $38.57 million, $30 million of which accounts for the share of WB loan. Credit resources are allocated for a period of 20 years with a grace period of five years.
The registration system for real estate transactions will be automated in each of the 21 registration office. It is expected that this system will increase the number of transactions. The project will cover 21 offices of the State Service Real Estate Register and 60 offices of the State Committee for State Property Management. This system will not include woodlands, wetlands and natural areas.