BAKU, Azerbaijan, October 23. The volume of applications for mortgage loans to the Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) amounted to more than 1.5 billion manat ($882.4 million) this year, the General Director of the fund, Ilham Kalashov said in the "Economic Zone" program broadcast on the ATV channel, Trend reports.
According to Kalashov, this is 26 percent more compared to the same period last year.
The director general noted that about 5,000 people have used mortgage loans in Azerbaijan this year, and more than 1,000 have used the housing rental mechanisms. The data was revealed based on the results for the last three years.
In addition, mortgage loans worth 1.2 billion manat ($705.9 million) have been issued to more than 16,000 individuals over the past three years. In just three years, more than 20,000 citizens have been able to improve their living conditions through the fund. The vast majority of apartment owners using the mechanism of mortgage lending and rental housing are young families and young people.
"The statistics show that today, 67 percent of apartment owners using both mechanisms are young people. In general, the average age for mortgage lending is 34 years," said Kalashov.