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New rules for state land lease in effect

State land rent is now based on market value: 3% in Baku, 2% elsewhere. Experts welcome the move for increasing transparency.

Charlotte Hernandez
ByCharlotte Hernandez- Senior Editor
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0
New rules for state land lease in effect
Photo: Prepared by Bond.az

Annual rent for state land plots will now be calculated based on market value. In Baku, the rate is 3%, while in other regions it is 2%.

Expert Ramil Osmanli said the decision will positively impact the circulation of state lands.

Chairman of the Appraisers Society Vugar Oruc noted that the new rules will increase transparency.

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