State non-residential plot in Baku gone under hammer 3-fold more expensive than original price


March 27, Fineko/abc.az. The State Committee on Property Issues of Azerbaijan has held a regular auction on privatization of state property.

The Committee reports that joint-stock companies, small state-run enterprises and non-residential plots were auctioned today.

"So, during the auction the non-residential land plot in Nasimi district with an area of 96.6 sq m for the initial price of 25,000 manats was auctioned off three times more expensive for 75,000 manats. The facility located in Nizami district and offered at the price of 9,750 manats was privatized for the amount of 32,000 manats,” the SCPI said in a statement.

As a result of the auction, 43% of shares of Material Techizat JSC were also privatized, as well as the facility located in Sabunchu district of Baku for 6,750 manats.