Participants of Azerbaijani mortgage loaning market holds expectation position: expert
Azerbaijan, Baku, June 1 / Trend , U.Ismayilova/
The first month of resuming mortgage loaning in Azerbaijan will be "exploring", General Director of MBA Group consulting company Nusret Ibrahimov said on June 1. The Central Bank of Azerbaijan has announced resuming of loaning on June 1 by the Mortgage Fund, suspended two years ago.
"In the first month, construction companies and customers will review the situation for further action," Ibrahimov said.
He said many construction companies have now held the expectation position to resume construction activities. People also started to collect information and even search for facilities under the mortgage.
Resuming mortgage will lead to higher prices on the market which in recent months have dropped due to lack of demand, as well as activity of the construction sector, which is also significantly reduced due to unfavorable conditions.
Ibrahimov said the situation of construction companies will be improves, also because under the terms of mortgages, buyers can get a property only from construction companies that sell them more expensive, and not from individuals who sell it at a relatively low price
The expert believes resuming mortgage loaning will have a positive impact on assessment of activities in the country and services to which customers are resorted in obtaining a mortgage loan.
"In this situation, it is difficult to predict actual results of resuming mortgage loaning in Azerbaijan," Ibrahimov said.
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