Buying property in Azerbayjan and general conditions
Buying property in Azerbaijan is of interest to many iranians because of the special conditions that this country has with iran .
The Republic of Azerbaijan with a population of over 10,130,100 people and an area af about 86.600 square kilometer is located in the north of iran .
in recent years , this country has faced an increase in foreign investment and the purchase of property in this country has increased significantly in recent years.
In 2018 , the number of properties owned by foreigners in Azerbaijan has reached 2850 , and this statistic has grown by 35% compared to 2013 , which is indicative of this grown in recent years .One important point should be considered in buying a property in Azerbaijan , and that is the property law in this country
is based on the sale of nobles and in this country , the arena is not sold , it means that when a foreigner buys a property in Azerbaijan , he only has to buy the building and the land is not sold in this country.
Buying property in Azerbaijan and obtaining residence in Azerbaijan
Buying a property in Azerbaijan can lead to obtaining a residence in Azerbaijan and this has its own conditions . Foreigners who intend to obtain permanent residence in Azerbaijan and in this regard invest in real estate in this country must invest at least 100.000 Azerbaijan manats and 60.000 US dollars in the real estate market of this country. when buying a property in Azerbaijan , keep in mind that in this country , when a foreigner buys a property , only that house is sold to the foreigner , and the land on which the house is located is not for sale , it will be leased to a foreigner for a long time and this point may be significant for people who want to buy property in this country .
If a foreigner marries an Azerbaijani citizen, according to the law of Azerbaijan , if they buy a property during the time they live together , the foreigner has a 50 % share in the land of the property according to the law , But if they separate from each other , the foreigner does not have a share in the land of that property and the land goes to the Azerbaijani person.
The following documents are required to apply for residence in Azerbaijan :
* 4 pieces of 3×4 photos
* Copy of passport
* Copy of birth certificate
* Complete the relevant application form.
* Certificate of payment of government expenses.
* A property document purchased by a foreigner.
Buying property in Azerbaijan and investment standards in Azerbaijan
Buying property in Azerbaijan is one of the ways of investing in Azerbaijan . Investors should make a decision with an open vision and full knowledge about this impotant matter. Real estate is always one of the most stable types of investment in the Republic of Azerbaijan and the whole world. In order to be able to make a better decision regarding property purchase and investment in Azerbaijan , we felt it necessary
to address some of the important investment standards in Azerbaijan.
Buying property in Azerbaijan and legal procedures of buying property in Azerbaijan
Buying a property in Azerbaijan takes place through the following legal procedures . A foreign buyer can first choose the property they want through the internet or with the help of a reputable real estate agency in Azerbaijan. By contracting with a reputable real estate agency , the possibility of fraud and abuse should be minimized. The seller must present a valid document of the property he wants to sell , then he must fill out a special form for the purchase and sale of the property in a notary office , and this form usually includes the conditions related to the sale , rights and obligations .
Purchase and sale agreements can be prepared in both Engilish and Azerbaijani languages , but since the form of the contract is absolute , it must be translated into Azerbaijani. ( Absolute confiscation means that if the usufruct of property is given to a person without specifying a period in the contract it is called absolute confiscation and it will continue until the owner’s death or the person’s appeal or in simpler words, the property purchased in Azerbaijan will not belong to you in full, and they will only sell you the property and not the land)
The main conditions of the sales contract , the contract price , the rights and responsibilities of the parties, the obligations of the seller and the buyer must be written and available to the contract parties , the government costs of the sale can be borne by one of the parties to the transaction by agreement of the parties, but this responsibility is usually borne by the buyer. when conducting a transaction by a notary public , the parties must prove their identity ( passport , identification card , temporary residence permit ) and the confirmation of the property document that is to be traded . Also , a consent letter must be obtained from the people who currently live in that house . Also , the buyer must have a temporary residence permit in Azerbaijan. payment of government fees to register the purchase and sale of real estate by the notary office , which is this fee 200 manats in Baku and 80 manats in other cities , and the cost of home insurance , which is mandatory , is worth 50 manats.
Payment of these expenses must be made through bank transfer and cash is not allowed . According to the area of the apartment , the fee for the technical certificate of invoicing must be paid , which is at least 80 manats . The certificate of ownership will be issued to the owner of the documents within 10 to 20 days . if you wish to receive the document in a shorter period , you must Deposit more amount . According to the law of the Republic of Azerbaijan , no tax is collected by the government during the purchase and sale of residential properties in Azerbaijan . But if the buyer uses the property as a business , he must pay the property tax.
Buying property in Azerbaijan and costs of buying property and renting property in Azerbaijan
Buying property in Azerbaijan and its capital Baku and other cities of the Republic of Azerbaijan is very different and depending on the environmental conditions , the year of construction and the area , it can have different amounts , Also in the Republic of Azerbaijan , there are 2 types of properties , one is primary properties (new construction) built after 2001 and secondary properties , which are similar to properties built before 2001, and their prices are different. the important thing about renting a property in Azerbaijan is that in this country , money for advance payment is not usually received . the maximum period of time that a property can be rented in this country is 10 years and the tax that the landlord must pay for his rent is 14 %.
In addition to the cost of the property , there are additional costs when buying a property which are as follows :
* Government fees (200 manats in Baku and 80 manats in other cities of Azerbaijan )
* Property insurance fee ( about 50 manats)
* technical certificate fee ( 80 manats)
* The cost of the real estate agency ( this cost between 2 and 4 percent of the property price , depending on the type of property)
In Azerbaijan , abank loan for buying a property is given only to citizens of Azerbaijan , and people who have a temporary residence in this country can not use a bank loan.
* If you are buying a property in Azerbaijan with the intention of obtaining permanent residence in this country , you should consider that this type of investment in Azerbaijan must be at least 100,000 Azerbaijani manats and amounts less than this will not lead to obtaining residence.
Buying property in Azerbaijan and real estate lawyer
Buying a property in Azerbaijan will be possible through a real eastate lawyer and a real eatate agency in Baku and other cities of the Republic of Azerbaijan . A foreign buyer signs an agreement with a real estate agency in the Republic of Azerbaijan . the commission of these agencies is usually between 2 and 4 percent of the property’s value .This contract should be made by professional lawyer familiar with real estate affairs in Azerbaijan . Since , unfortunately , there is a possibility of problems for buyers when buying or renting a property , it is recommended to consult with this company ( BAKU STAR) which has a reputable real estate lawyer before buying a property in Azerbaijan
