BAKU, Azerbaijan, Nov.2
By Tamilla Mammadova – Trend:
Apartment sales were up 14 percent year-on-year in September, for the first time since February, Trend reports via the Georgian Galt & Taggart investment company.
After apartment sales contracted in July (-14.9 percent year-on-year) and August (-16.3 percent year-on-year), sales were up in September (+14.4 percent year-on-year) for the first time since February 2020.
Sales were boosted by ongoing economic recovery and a 4 percent mortgage interest rate subsidy scheme for new apartments, which became effective from July 2020 and accelerated in September.
"In particular, new apartment sales were up 10.8 percent year-on-year in September, after a 26.6 percent year-on-year decline in July-August. Suburban districts continued to dominate sales in 3Q2020 as the mortgage subsidy scheme mostly supported the budget/economy segment. As a result, the 4 suburban areas – Gldani, Samgori, Isani, Didi Dighomi – accounted for 56.1 percent of total residential sales in 3Q2020 vs 52 percent in 3Q2019. We expect that mortgage subsidies to further support suburban sales in 4Q2020," the company said.
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