Baku Realtors Suspend Property Purchase and Sale Operations
Azerbaijan, Baku / Trend corr U. Ismayilova / The realtors of Baku real estate market temporary suspended the operations on purchase and sale of property, according to specialized PRANT agency. The decision was caused by seasonal drop in prices in the real estate market of Baku.
Prices for real estate dropped in June 15-20%, what is caused by temporary suspension of mortgage crediting in the country.
In June, Azerbaijani Mortgage Fund (AMF) suspended financing of mortgage crediting due to shortage of funds. Despite, AZN 10mln of planned AZN 20mln has been already transferred to the budget of the Fund. Financing of mortgage credits are not allotted by AMF yet.
Only 0.3% of the property included into the real estate market portfolio was sold in June.