Azerbaijan, Baku, May 6 / Trend U. Ismayilova /
Azerbaijani could adopt Russian experience to minimize impact of world financial crisis on real estate sector, Russian broker guild chief analyst, Russian economic academy named after G. V. Plehanov professor Gennady Sternik said.
"Azerbaijani and Russian economies are similar in their structure. So, Russian experience could be useful for Azerbaijan", Sternik being in Baku said on May 6.
Russian real estate market felt impact of crisis in late 2008. The government designed several urgent actions to save this sector of economy, he said.
"The Russian government gave great amount of money to banks that granted funds as mortgage loans. The government began to buy partially constructed houses by saving builders", Sternik said.
Presently, social program on preferential maintenance of poor layers of population by property was strengthened. The program is implemented owing to purchase of partially constructed houses from builders, expert said.
"By purchasing these houses, exceeding of offer on the market over demand is being solved", Russian academy professor said.
According to him, prices in dollar equivalent dropped 14-80 percent in Russia from beginning of crisis depending on location of real estate facility. Prices dropped 33 percent in Moscow, 70-80 percent in Krasnoyarsk and Tver, and 14-17 percent in Ulyanovsk.
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