For many, purchasing a home is a lifelong dream, but for others, it has become one of life's greatest risks. Promises made before receiving keys, signed contracts, and subsequently unfinished buildings have forced citizens to be more cautious in the real estate market in recent years. Experts warn that a single mistake when purchasing an apartment can turn into a problem lasting for years.
According to recommendations from real estate experts, citizens must pay attention to the following points when purchasing an apartment:
- Investigate the history of the Housing Construction Cooperative (HCC)
Check the company's previous buildings, whether they were delivered on time, and if there were any complaints.- Sales contracts must be notarized
Purchasing an apartment through simple contracts or internal certificates poses a significant risk.- Verify if the building is in the state registry
In buildings without registration, the risk of a single apartment being sold to multiple people is high.- Official payment methods are essential
All payments should be made via bank transfer, and receipts must be preserved.- Apartments sold via bank credit are safer
Bank supervision excludes the possibility of repeat sales and legal complications.- Check the actual construction status on-site
It is important to look at the real construction process, not just models or promises.
Speaking to the "Operative Information Center-OMM" regarding the matter, real estate expert Elnur Farzaliyev stated that several construction companies operating since the 1990s have delayed the delivery of apartments to citizens, and in some cases, constructed buildings remained unfinished.
"Multi-apartment buildings have been constructed for over 30 years, but in some cases, sales contracts and financial certificates are not handled correctly. This creates concern among citizens. At the same time, because buildings are not registered, cases of selling one apartment to several people occur," the expert noted.
He added that such fraudulent companies have already been removed from the construction sector; some have closed, while others have compensated for the damages. Nevertheless, public trust in unfinished buildings remains weak. Elnur Farzaliyev emphasized that such problems do not occur in apartments sold through banks:
"If an apartment is sold via bank credit, it is impossible for one apartment to be sold to multiple people because it is under the bank's supervision."
The expert believes that innovations in the construction field and the expansion of reliable companies' activities have a positive impact on the market, benefiting both housing consumers and construction firms. He also noted that the current level of construction work in the capital is low, and the scarcity of new buildings has led to price increases in the real estate market.
In Azerbaijan, the real estate sector is regulated by the Civil Code and the Law on Mortgages, with the State Service on Property Issues under the Ministry of Economy overseeing the registration of property rights. To protect consumer rights, the government has increasingly encouraged the transition from internal HCC contracts to centralized electronic registration. This modernization aims to eliminate the historical issues of "double sales" and ensure that all residential developments meet safety and urban planning standards in Baku and other major cities.
