The Milli Majlis (National Assembly) of Azerbaijan has adopted amendments to the Land Code, the Civil Code, and the Law on Valuation Activity in the third reading during its extraordinary session today.
According to the Operative Information Center-OMM, these legislative changes establish a legal framework for the exchange of state-owned property, including land plots, with privately owned property based on mutual agreement.
However, the legislation explicitly excludes state property and land designated as prohibited for privatization, as well as land under exclusive state ownership or reserved for state needs, from being subject to such exchanges.
The valuation of the properties and land plots involved in these exchanges will be conducted by professional appraisers in accordance with the Law on Valuation Activity, taking into account current market prices. The amendments also grant state bodies and municipalities the status of clients for valuation services.
Following the enactment of this law, specific procedures for the exchange of state-owned assets with private property will be formally approved. These reforms are designed to enhance the efficiency of property and land use, stimulate activity in the land market, and foster economic growth. Furthermore, the initiative aims to provide more flexible mechanisms for property exchange between the state and citizens, ensuring the state participates in civil turnover on equal terms with other civil law entities.
This legislative update represents a significant step in Azerbaijan's ongoing efforts to modernize its economic framework, streamline property management, and improve the investment climate by creating transparent and market-oriented mechanisms for asset utilization.
