Mazitov: Real estate not only asset for its owners, but also foundation of city's economy

Fair and transparent management of real estate and land resources determines the ability of cities to develop sustainably, Vasil Mazitov, chairman of the International Association for Territorial Development, said at WUF13 in Baku, Report informs.

He noted that issues of transport, ecology, housing, and climate change traditionally occupy the center of international discussions, yet real estate and land management systems often remain overlooked, despite their key role in sustainable urban development.

According to him, real estate is not only an asset for its owners but also the foundation of the urban economy, as it generates resources for the development of infrastructure, public spaces, transportation, and improving quality of life.

"One of the main challenges remains the development of a tax system that simultaneously ensures sustainable revenues for the state and is understandable, fair, and based on public trust," Mazitov added.

He also noted the importance of high-quality data, transparent property rights registration, modern real estate valuation methods, and territorial development analytics.

According to him, effective management of these processes contributes to the long-term capitalization of territories and increases their value through improved urban governance.