Bank Of Baku

Amount of social mortgage can be increased in Azerbaijan

Amount of social mortgage can be increased in Azerbaijan
# 09 September 2011 11:35 (UTC +04:00)
Baku. Kamala Guliyeva – APA. “We want to increase amount of social mortgage in Azerbaijan. AZN 35 000 is not a large sum. In some cases, it is difficult to purchase an apartment with such fund”, said Minister of Youth and Sports Azadf Rahimov at the press conference today.

According to him, social mortgage has been used in Azerbaijan since 2007: “We would like this number to be increased and coordinated with the real estate market. Minimum this number must coincide with the price of 3-room apartment. I believe that this proposal will be seriously considered. The work is being carried out on this proposal.”

Minister reminded that 31% of Azerbaijan’s population is youth of 14-29-years old. 20% of 18-36-years old youth have housing problems. But this number is always changing. 7-8% of youth at this age are unemployed. Average salary of 18-36-years old youth is AZN 200-300.
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