A legal basis is being created to allow state-owned property (including state-owned land) to be exchanged with privately owned property, including land plots, by mutual agreement, APA reports.
The provision is reflected in the draft law “On Amendments to the Land Code of the Republic of Azerbaijan, the Civil Code of the Republic of Azerbaijan and the Law of the Republic of Azerbaijan ‘On Valuation Activity’,” which was discussed today at a meeting of the Milli Majlis Agrarian Policy Committee.
State property prohibited from privatization (state lands), land plots under the exclusive ownership of the state, or land designated for state needs cannot be subject to such exchanges.
The valuation of exchanged assets, including land plots, will be carried out by a valuer in accordance with the Law “On Valuation Activity,” taking into account market prices formed during the sale and purchase of such property (land plots).
In addition, under the proposed amendments to the Law “On Valuation Activity,” state bodies (institutions) and municipalities will also obtain the status of customers of valuation services.
It was noted that after the law is adopted, the procedure for exchanging state-owned property, including land plots, with privately owned property or land plots will be approved.
The amendments are expected to promote more efficient use of property and land plots, stimulate activity in the land market, increase economic activity, create more flexible opportunities for property exchange between the state and citizens based on mutual agreement, and ensure the state’s participation in civil circulation on equal terms with other subjects of civil law.
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