(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 31. Current apartment
prices in Baku are at their peak; however, the Real estate market
faces a shortage of buyers, Azerbaijani property expert Elnur
Farzaliyev told Trend .
He mentioned that if this situation continues, apartment prices
may fall.
The expert noted that prices for apartments, which can currently
be financed through mortgages, have significantly increased.
"Purchasing an apartment in Baku through preferential mortgage
loans was advantageous five years ago. Today, the selling price of
one-bedroom apartments in areas close to the city center exceeds
100,000 manat ($58,820)," explained Farzaliyev.
"The volumes of regular and preferential mortgage loans need to
be increased. Today, it's difficult to buy a house for 100,000
manat on mortgage. It will be convenient only if private houses
without title deeds are provided with documentation. There are
private houses at low prices. However, these houses cannot be sold
on credit due to the lack of title deeds," he said.
According to him, preferential mortgage loans are very
beneficial for other regions but not for the capital.
"In general, these loans, issued on preferential terms, will
have a positive impact on the real estate market, increasing the
buyer base. However, individuals belonging to the preferential
category are forced to invest additional funds in their allocated
mortgages to purchase an apartment," emphasized Farzaliyev.
The Azerbaijan Mortgage and Credit Guarantee Fund has set
limitations for issuing mortgage loans, including preferential
mortgage loans, to participating banks to continue the mortgage
lending process through 2024.
"Regular mortgage loan applications will be accepted beginning
on February 2 at 11:00 (GMT +4). Additional information on
accepting applications for preferential mortgage loans will be
provided," the statement said.
Mortgage loan applications are accepted in real-time on the
electronic government site ( ) using the "Electronic Mortgage and
Credit Guarantee" system.
The Fund's official website provides information on how to
receive mortgage loans at .
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