How does the demolition of damaged buildings in Baku affect the prices in the housing market?

How does the demolition of damaged buildings in Baku affect the prices in the housing market?

2023-06-05 10:01:00

In addition to the damaged buildings, there are also enough buildings in the capital that have already expired.

Day.Az reports that Elnur Farzaliyev, an expert on property issues, told Trend about this.

He said that currently those buildings are being gradually demolished and gradually built based on pilot projects.

“This process continues. In general, the buildings that have reached the end of their service life are buildings that have reached the end of their life, not those that are damaged. There is a sufficient number of damaged buildings in the capital. Such buildings should be demolished as soon as possible, or repair and restoration work should be carried out in those buildings until the day they are demolished. The Cabinet of Ministers By order No. 86, the process of demolishing buildings that have expired in Baku and replacing them with new buildings has been started since 2016. Since that year, many buildings have been demolished in Baku and new ones have been built and handed over to citizens.”

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E. Farzaliyev said that such buildings are not demolished by any state institution, but mainly by building companies.

“When construction companies build a building in such a place, they mainly rely on the purchasing power, the size of the yard area, and the small number of residents in the building. In some cases, the residents also create certain problems against the construction companies. However, we often see that the residents demand a larger apartment from the company. This leads to a long-term scandal and delay in construction. In this way, there is a delay in the demolition of the building. A draft law should be prepared regarding the people who demolished the building and those who have apartments in that building.”

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Our interlocutor said that certain concessions should be applied to construction companies that demolish dilapidated buildings so that the works are not delayed.

“Thus, certain tax concessions should be given to those companies and mortgage loans should be allocated. Due to their demolition, the price of apartments in old buildings in the capital has increased. This is still going on. The main reason for this is that the company that demolishes those buildings gives the owner of the apartment a larger and renovated apartment,” said the expert. noted.

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