Property in Azerbaijan. Buy, sell and register
- Emil Khudiyev (Lawyer)
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Nowadays real estate in Azerbaijan is one of the most favorable area of investment. Emerging political and economic factors make it possible to predict long-term positive results.
The real estate market in Azerbaijan is rich in varieties. You can purchase private real estate (apartments, houses, cottages, dachas), commercial (offices, retail premises, restaurants), industrial (factories, warehouses) and specialized (hotels, hospitals, sports facilities), as well as recreational facilities and entertainment (hotels, resorts), etc. By the ways, the entire real estate market is almost equally accessible for foreigners.
All this increases the attractiveness of the local housing market in the eyes of foreigners.
In my recent interview for “РБК Real Estate”, I briefly described how to buy property in Azerbaijan.
So, what should you do if you want to find real estate in Azerbaijan, but don’t know how to formalize and correctly register real estate on your name?
Well, let’s figure it out…
Searching & buying property in Azerbaijan
Selection of real estate in Azerbaijan is very simple. You can apply to real estate agencies and private real estate agents for help, or you can go visit real estate websites (bina.az, emlak.az, tikili.az, azeriamlak.az), where you can choose the suitable property for you.
After selecting a property, you can directly proceed to inspecting the property and negotiating with the property owner.
Important info! Foreigners can freely buy any type of real estate in Azerbaijan, with the exception of lands. According to Article 48 of the Land Code of Azerbaijan, only citizens of Azerbaijan can own land, and foreigners (incl. foreign companies), can only rent land. However, the land plot can be registered on the name of a company established in Azerbaijan.
So, after choosing real estate, the procedure of purchasing of real estate in Azerbaijan consists of the following stages:
– concluding a preliminary purchase and sale agreement (at a notary) and making a deposit (in the amount of no more than 5%);
– conclusion of the main purchase and sale agreement (also before a notary);
– registration of property rights in the state real estate register of Azerbaijan.
Documents required for property registration in Azerbaijan
When registering the purchase and sale of real estate in Azerbaijan, the parties must submit a number of documents for the transaction.
So, the Buyer must provide the following documents:
– Passport (identity card);
– The number of the bank account in the territory of Azerbaijan from which the money will be transferred;
– A certificate of marital status.
The Seller must provide the following documents:
– Passport (or ID);
– Original documents for real estate (extract from the register, technical passport);
– Spouse’s consent for the sale procedure (if the seller is married or a certificate stating that he is not married);
– An extract from the Tax Service of Azerbaijan on the absence of tax arrears, including the year of sale;
– A receipt for payment of utilities.
FAQ
What are the price for property in Azerbaijan?
The main real estate market is in the following cities: Baku, Ganja, Sumgait and Mingachevir.
According to information from real estate agencies, the average price of 1 m² of apartments in September 2023 is as following:
in Baku – $1600 (new buildings) and $1200 (on the secondary market);
in Ganja – $600 (new buildings) and $500 (on the secondary market);
in Sumgait – $650 (new buildings) and $550 (on the secondary market);
in Mingachevir – $600 (new buildings) and $500 (on the secondary market).
As you can see the main demand for real estate in Azerbaijan is concentrated in the capital. The demand for such large cities by the standards of Azerbaijan as Sumgait or Ganja is several times lower than in Baku.
Can foreigners buy property in Azerbaijan?
Foreigners have almost the same rights as other citizens, so foreigners can freely purchase any real estate in Azerbaijan. The laws of Azerbaijan regulate all the processes and mechanisms of buying property very well.
Can foreigner buy land in Azerbaijan?
Foreigners can freely buy any type of real estate in Azerbaijan, with the exception of lands. According to Article 48 of the Land Code of Azerbaijan, only Azerbaijani citizens can own land, and foreigners, including foreign companies, can only rent land. However, a land plot can be issued to a company established in Azerbaijan.
How EMZE can help you?
Planning to buy property (apartments, houses, villas, commercial property, etc), but are still not sure about the nuances of the real estate registration process? It is definitely better to insure yourself and seek help from a lawyer in Azerbaijan. In order to help you with the purchase of real estate in Azerbaijan, your request is almost enough for me to initially understand your preferences.
You can find other legal services in this field in “My Services” section.
Want to buy property in Azerbaijan? Just Call Emil!
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