Resicom – Holiday Investment – 04-21 – LB

Azerbaijan Attracting Overseas Property Investors

Azerbaijan is beginning to attract overseas property investors to the former Eastern Bloc country to help boost the real estate sector.

An international conference, titled ‘Real Estate, Privatisation and Investments’ was held in Baku on November 29.

Chairman of the State Property Issues Committee, Karam Hasanov, said at the conference that big work is underway in Azerbaijan to attract foreign investments in the real estate sector, and that conditions have been created for foreign investors that allow them to operate on the same level as local investors.

He said: ‘The country has improved the regulatory and legal framework in the field of protecting the rights and property of investors. Moreover, investors were granted various benefits and preferences in order to encourage investments.’

The committee head also confirmed that entrepreneurs from such countries as the US, UK, France, Switzerland, Turkey, Germany, Russia, China, Finland and Israel took part in the privatisation of state property, that has brought more than 1.1 billion manats (about $647 million) to the Azerbaijani state budget until today as a result of privatisation of state property.

The Committee has held 60 auctions since early 2017, during which more than 1,400 state enterprises were privatised, and it is planned to start privatisation of big facilities in the future.

Ziyad Samadzade, chairman of the Azerbaijan parliamentary committee on economic policy, industry and entrepreneurship, while addressing the event noted that Azerbaijan is among the countries with the least risk for foreign investors.

He confirmed that Azerbaijan’s external debt doesn’t exceed 18 percent of the country’s GDP, and this is one of the best indicators among developing countries.

He said: ‘By investing in another country, investors are always interested in volume of its external debt. In Azerbaijan, this figure is below 18 percent of GDP, and by this indicator we hold the first place among developing countries.’

He also confirmed that Azerbaijan has created a very favourable environment for overseas property investors, saying: ‘Social stability is ensured in the country, there is the necessary legislation, number of inspections have been reduced, entrepreneurs are supported.’

It may be time for overseas property investors to consider the developing market in Azerbaijan.

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