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Mortgage Lending Fell Almost by Quarter: Head of Azerbaijan’s State Real Estate Register Service

Business Materials 28 November 2008 13:48 (UTC +04:00)
Mortgage Lending Fell Almost by Quarter: Head of Azerbaijan’s State Real Estate Register Service

Azerbaijan, Baku, November 28/ Trend , corr U. Ismayilova/ "In the Q3 of 2008, mortgage lending fell by 22% because of the global financial crisis as compared to the same period of 2007," Arif Garashov, head of the State Real Estate Register Service of Azerbaijan told the meeting of the Service.

"This is because of the suspension of granting of loans by Azerbaijani banks," Garashov said.

About 5,680 mortgage lending agreements were signed in the Q3 of 2007 and 4,640 - in July-September 2008.

"However, financial crisis did not have a considerable impact on Azerbaijan's economy thanks to the economic policy of the country," Garashov said.

The drop in growth rates of mortgage lending by banks is first of all attributed to the crisis in world financial markets. It makes banks to be more careful while selecting clients.

The correspondent can be contacted at" [email protected]

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