Govt keeps “Sovetski” compensation at AZN1,500 per sq m

The Finance Ministry has said compensation for houses to be demolished in Baku’s central Sovetski area will be no more than 1,500 manat per square despite protests by residents.

The government plans to demolish about 10,000 houses in the area, which will be re-developed into a park. 

Thousands of residents staged a rally outside a local school last month, demanding higher compensation.

The Finance Ministry said an independent analysis of the market showed that real estate prices in Sovetsky are no higher than 1,500 manat because of its poor infrastructure. 

It said 100 residents have already agreed to the rate and will soon get the money in their bank accounts. Those who do not agree will stay in their houses and no-one can be evicted by force, it said. 

ANN.Az