Azerbaijan sees 8% decline in government mortgage lending

Azerbaijan sees 8% decline in government mortgage lending
# 21 July 2014 15:19 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. In January-June, 2014, AZN 56.561 mln mortgage loans were given through Azerbaijan Mortgage Fund, down 7.52% from previous year.

AM told APA-Economics that total 1,429 mortgage loans were given during the second quarter, including 515 with preferential terms.

Totally, AZN 590.611 mln government mortgage loans have been given since it started in 2006.

81.9% of borrowers receiving ordinary and preferential mortgage loans made men, 18.1% - women. 67.3% of borrowers are married, 32.7% - single.

81.1% of borrowers with preferential terms are servicemen, 7.9% - IDPs, 7.1% - civil servants, 2% - candidates of science, 1.4% - sportsmen, 0.3% families of martyrs.

Most of houses bought through mortgage loans are in Baku, Sumgayit, Absheron and Ganja. Prices of 62.8% of these houses are in the range of AZN 30,000-60,000, 29% - in the range of AZN 60,000-90,000, 3.4% - in eh range of AZN 90,000-120,000, 1.4% - over AZN 120,000. Prices of 3.4% of these houses were below AZN 30,000.

Regarding monthly revenue of the borrowers, 35.9% of them earn over AZN 1,100, 21.7% earn AZN 700-900, 18.8% earn AZN 500-700, 16.6% - AZN 900-1,100, 6.1% - AZN 300-500, 0.9% - below AZN 300.

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