Azerbaijan's Mortgage Fund To Expand Rent-To-Own Housing Program

2025-06-18 03:13:06

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 18. The Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan (MCGF) has announced plans to acquire new residential properties under its rent-to-own mechanism, aimed at expanding affordable housing opportunities, Trend reports.

MCGF has already launched the necessary procedures to implement the project.

The acquisition of residential space will focus on areas within the administrative borders of Sumgait and neighboring residential settlements in the Absheron district, targeting a total floor area of 100,000 m2.

The project budget is forecasted at more than 213.6 million manat ($125.6 million). Properties will be evaluated based on the volume offered, and the procuring authority will select a winner accordingly. Proposals must include no less than 50,000 m2 of total space.

The acquisition is being carried out following the rules established by the Presidential Decree No. 488 dated January 25, 2019, issued in the year the rent-to-own program was approved. The decree enables the İKZF to purchase housing in order to offer it to citizens on a lease basis with a purchase option.

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