Azerbaijan State Committee on State Property announced the beginning of work improvement on unified and centralized registration system of state real estate in Azerbaijan, in 2007. The work will be carried out within the framework of World Bank’s (WB) Project on Assistance in Registration of Real Estate.

The registration system created in 2000 collects all data on state property. Due to the implementation of the WB’s Project the data has been made more precise. The registration system has the data on 130,000 real estate premises (land, land under real estate, buildings, constructions, plants).

The national automatic property system will be renewed, operations listed in the system will be extended, software will be modernized, automatic information systems with other state bodies will be set up. Moreover, the schedule and digital information basis on real estate and lots of land to be used by the state organizations in future will be developed.

The total cost of the project comprises $38.57mln with a $30mln-worth credit to be allotted by the WB, and an $8.57mln-worth credit to be allocated by the Azerbaijani Government.

The credit will be allotted from the line of the International Bank for Reconstruction and Development for a 20-year period with a 5-year discount.