Proposals on Azerbaijan's real estate market increase: participant of market

Azerbaijan, Baku, June 16 / Trend , U.Ismayilova/  

Resuming mortgage loaning in Azerbaijan has slightly influenced on activation of the country's real estate market, Marketing Director of Caspian Property Services assessment company Elnur Azadov said.

"However, proposals increased about 5-7 percent on the market," Azadov said.

If earlier 100 housing units accounted for 10 buyers on the market, but today the number of facilities has grown by half - to 200, he said.

Proposals increased due to the fact that mortgage lending is mainly distributed in the primary housing market, and with official documentation, Azadov said.

However, today in Azerbaijan, bill of sale is given to housing in new buildings that have passed admission commission of the Ministry of Emergency Situations and registration in the State Committee on Property. Such buildings in Baku and a few new buildings mostly are built at the expense of the buyers on the basis of long-and medium-term loans.

The participant of the market also believes that resuming mortgage loaning also has not affected the prices in the market, and they remained at the same level.

Currently, prices on one square cubic meter of housing ranges from 1,800 to 3,000 manat in the first zone of the city, from 1,000 to 2,000 in the second zone, from 700 manat to 1,000 in the third zone and 700 manat in the fourth zone of the city.

The Mortgage Fund under the Central Bank of Azerbaijan, which has suspended issuing credits in the summer of 2007 due to lack of funds, resumed mortgage loaning on June 1.

At present, Azerbaijan begins initial placement of nominal interest bonds of the mortgage fund worth 15 million manat. Sale price of the bonds at the date of the placement will be 100 percent of nominal, which amounts to 1,000 manats. Those who wish to purchase the bonds may turn to brokers - members of the Baku Stock Exchange.

Date of paying off the bond is set at May 10, 2016. If demand hits offers, all applications will be provided at proportionately order. The Central Bank of Azerbaijan plays the role of the primary organizer of placing bonds.

Date of paying off the bond is set at May 10, 2016. If demand hits offers, all applications will be provided at proportionately order. The Central Bank of Azerbaijan plays the role of the primary organizer of placing bonds.

The State Committee on Securities registered emission of bonds on May 29 in 2009.

The total amount of emissions is 55 million manats with interest rate of 3 percent a year.

On June 16, the official exchange rate is 0.8039 manat to $1.

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