Ruslan Shirinov
Following the collapse of the Soviet Union, Azerbaijan entered a period of industrial transformation in all spheres – including real estate.
For the last two decades, Azerbaijan has had a major construction boom, though it was not smooth. When you drive fast, you cannot easily escape the pot holes. Wrong choice of construction sites, ignorance of public interests, labor force insurance, employment of non-professionals, misallocation, as well as inverse proportionality of price and quality were observed during the transformation period.
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As economic growth and the establishment of the state became stronger, it was met with competition and state regulations. These resulted in elimination of most of the above counted problems. Positive change became. Local and foreign capital started to play a major role in the development of the sector. In many cases, even local resources were realized by foreign construction giants – Azerbaijan, in time, realized the importance of using their long- lasting experience in the sector.
Airports, metro stations, new highways, bridges, tunnels, private houses, multi-
fl oor accommodation buildings and tourist attractions are now being built. Regardless of the rapidly increasing number of new buildings, the demand for these and for residential apartments cannot be fully satisfi ed. Rapid construction, also contributes to the real estate market of the country since one of the best ways of protection from sudden fi nancial crises is directing capital to real estate. The procedure of purchase of real estate by foreigners is being regulated by appropriate laws of the Republic of Azerbaijan. There has been a marked increase in the number of international properties in the country compared to that of previous years. Apart from the capital of the country, the city of Baku, foreigners also buy properties in tourist regions of Azerbaijan. The most overseas interest in our real estate market comes from UK, Pakistan, Turkey, Spain, Dubai, Germany, Japan and South Korea. Azerbaijan invites everybody to take part in the economic growth of the country that is one of the fastest in the world!
Letter from Azerbaijan..
E:
rufus@tamarind-hills.com T: +1 268 736 4028 W:
www.tamarind-hills.com
Ruslan Shirinov is the owner of
villa.az. It specialises in the advertising, sale & rent of real estate in Azerbaijan and abroad.
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