Azerbaijan, Baku, Aug.9 /Trend A.Akhundov/
Activity observed in the real estate market of Azerbaijan in the first quarter, declined slightly in the second quarter, the Central Bank of Azerbaijan said.
Prices in a secondary housing market increases by 4 percent, in the primary market - fell by 3.3 percent during the first half of the year.
Prices increase prices in the secondary market is due to lower supply in the market. However, the price per square meter in the secondary housing market is still by 10.9 percent lower than in December 2008 in the primary - by 26 percent," the report says.
Rental of residential and commercial buildings increased by 10.1 and 10.6 percent respectively during the reporting period.
"Continuing of the process of mortgage lending activity had an impact on the real estate market, especially in the secondary housing market. More than 450 families have received social mortgage loans totaling $15 million manat due to the funds allocated from the state budget in the first half of the year," the report said.
Market-based resources for mortgage lending are attracted for mortgage lending during the reporting period.
"Mortgage loans worth 22 million manat were granted to more than 560 families during the first half of the year by credit institutions authorized by AMF in addition to the social mortgage," the report says.
Official exchange rate on Aug.9 is 0.7854 AZN/USD