In the past year loans through the Azerbaijan Mortgage Fund (AMF) were received by 2 240 citizens. As of 1 January of this year this opportunity had been used by 15 842 people.
According to the Fund, the share of social mortgage is 22.2% or 3,520 people (previous year - 1,135 loans). The rest of the loans were obtained on commercial terms.
Most often (37.9%) mortgages accounted for young people aged 18-29 years (37.9% of all mortgages), followed by the working recipients of high salary (excluding beneficiaries) aged 30-35 years (33.1 %) and the remaining 29% accounted for people over 36. It was found that 32.8% of borrowers worked in the public sector, 59.6% - in the private non-banking sector, 23.8% - in the financial and banking system, and 13.8% - in the oil and gas sector.
According to the Fund, 93% of mortgage loans associated with the purchase of housing in high-rise residential buildings, and the rest - in individual homes. In this case, 41.8% of mortgage loans were granted for the purchase of housing in 1-2 room apartments (an area of 40-60 square meters), 29.8% - an area of 60-80 square meters, 10.8% - an area of 80-100 square meters, and other 17.6% - a large area.
More than half (56.4%) of property was acquired under the mortgage for 30-60 thousand manat, a little less - 34.7% in the range of 60-90 thousand manat, 4.3% - 90-120 thousand AZN, 2 9% - up to 30 000 manat, and only 1.7% - more than 120 thousand manat.
Most often, housing is purchased under mortgage by married men and women - 67.9%, the proportion of men is 82.7%. Monthly income of more than a third of the borrowers (33.9%) is more than 1,100 manat, 21.7% - 700-900 manat, and 19.1% - 500-700 manat.
According to the Fund, 70.2% or 11,120 of mortgage loans accounted for Baku. In this case, most of the mortgage in the capital referred to the Khatai district (22.3%), Yasamal (15.8%) and Binagadi districts (14.2%). Less actively mortgage is issued for the purchase of housing in Garadagh (2.6%) and Sabail districts of the capital (3.9%).
AMF was established in December 2005. Issuance of social mortgage began in 2007 and lasted for 6 months. AMF from 1 June 2009 resumed the process of mortgage lending on commercial terms via 28 agent banks. In this case, commercial mortgage loans are issued through funds raised from the issue of the Fund's own bonds.
Mortgage loans on commercial terms are given in manat and only to citizens of the country for a period of 3 to 25 years. The maximum size of the loan should not exceed 50 thousand manat at a rate of not more than 8% per annum.
Funded from the state budget is only social mortgage. Its maximum size is also 50 thousand manat, but at a rate of not more than 4% per annum.
AMF agent banks in 2006 gave 15,846 mortgage loans with total volume of 633 million 280.5 thousand manat from the Fund. --17D-
Economics
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Investments in fixed assets in Azerbaijan totaled 12.7 billion manats ($7.5 billion) in the first nine months of 2024, down 3.9 percent compared to the same period last year, the State Statistics Committee said on Monday. Investment in the oil and gas sector fell by 8.4 percent, while investment in the non-oil and gas sector dropped by 1.6 percent.
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