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Azerbaijan gears up for big property expo

01-06-2015

Leading players from the construction and property sector from across the globe will fly into the South Caucasus region of Azerbaijan this December to take part in the country's biggest real estate exhibition.

Azerbaijan International Real Estate &Investment Exhibition (Recexpo) will run between December 17 to 19 at Baku Expo Center.

Situated at the crossroads between Europe and Asia in a strategic position for economic and cultural relations, Azerbaijan is one of the world's fastest growing countries Azerbaijan, said Canan Yüksel, the marketing manager of Elan Expo, the event organiser.

Azerbaijan is a lider in the Caucasus Region and the most stable country in CIS with population 9.7 million. For the recent seven years GDP increased 3.2 times, oil sector surged 2.6 times and the government budget’s income grew 16 times.

Over $170 billion has been invested to boost the economy of Azerbaijan over the last seven years.

The construction sector is one of the fastest growing areas of the economy in Azerbaijan, the largest country in the South Caucasus region.

With the growing salaries in Azerbaijan in recent years, many Azerbaijanis have started investing in real estate abroad. Azerbaijanis usually buy property abroad for business interests but also for personal affairs as the number of young Azerbaijanis studying abroad is increasing year by year.
 
Ogtay Hagverdiyev, an economic expert said over the past 10 to 15 years, Azerbaijani citizens have invested billions of dollars in real estate abroad.

Nariman Agayev, the chairman of the Sustainable Development Research Center, said most of them prefered to buy properties in Turkey followed by England, particularly in London besides Italy, Monaco, Zurich, Russia, Austria, UAE, particularly in Dubai, Germany and France particularly in Paris.

Azerbaijanis prefer to purchase luxury houses where the market is expensive and stable, he added.-TradeArabia News Service




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