Idle Standing Reigns in Real Estate of Baku: Experts
Azerbaijan, Baku / corr Trend U.Ismayilova / Caspian Property Service, an estimation company, has reported that the real estate market of Baku is at a standstill.
Caspian Property observed that not only is there a standstill in the initial and secondary real estate market in May but also a cut was fixed in the amount of the mortgage crediting.
From March 2006 to 4 May 2007, the Azerbaijani Mortgage Fund had allocated 1,000 credits worth AZN 36mln. Caspian Property announced that after the relevant decree by the Azerbaijan Ministry of Emergency Situations at the end of 2006, the construction of 50 buildings was halted. "Subsequently, regular changes have been observed in the market, both in prices and proposals," the company announced.
At the end of 2006 the Ministry of Emergency Situations declared that new buildings that were being constructed without an examination certificate must be discontinued. The Ministry announced that permission to resume the constructions will not be permitted unless the owners of new buildings, the construction of which was set up prior to the establishment of the Ministry, without a resolution by the Central Examination Department or the examination unit of the Baku Mayoral Office, obtain the necessary documents.