Arab investor buys luxury hotel in Azerbaijan's capital
Baku, Azerbaijan, June 6
By Ilkin Shafiyev – Trend:
A Kuwaiti investor bought the luxury hotel Monolit Plaza in Baku, Azerbaijan, a source familiar with the situation told Trend on June 6.
The source noted that soon the hotel's name could be changed.
The same investor plans to build a new hotel and a shopping center in Gabala, and also rented a plot of land in Baku, according to the source.
The Azerbaijani legislation does not allow foreign citizens to purchase land plots, but only rent them. The maximum lease period for foreigners is from 10 to 15 years for land leased for agricultural production, and 99 years for land leased for other purposes.
Earlier, adviser of the chairman of the Azerbaijan Tourism Association (AzTA) Muzaffar Agakarimov said that Arab investors are showing interest in tourism real estate in Azerbaijan.
He said that not only Baku, but also regions of the country attract the investors.
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