According to the Azerbaijan Mortgage Fund, from January to July Bakuvians were issued 559 mortgage loans (45.1% of the total - 1,237). According to official data of AMF, in the capital the mortgage purchase of housing was mostly in the Khatai (23.1%), Yasamal (15.7%) and Binagadi districts (14%). The Garadagh district of ??the capital was the last (2.9%), while the results of the Sabail (3.6%) and Sabunchu (4.6%) regions were slightly better.
The total number of mortgages by the AMF issued to residents of the capital from March 2006 to July 2015 was 11,327. Other regions are far behind - in Sumgait 1,563 mortgage loans were issued for the time. In the Absheron region (the center - Khirdalan) there were 773, in the city of Ganja - 599, in Nakhchivan - 142, and so on in descending line.
In the whole country 17,079 mortgages have been issued, with 68.4% of all mortgage loans through the Fund accounting for Baku.
Most often, mortgage loans are issued to persons between 18 and 29 years old (37.5% of the total), followed by those who are 30-35 years old (33.6%) and over 36 years old - 28.9%. Almost all loans (92.6%) are associated with the purchase of housing in high-rise residential buildings, and 7.4% - with the purchase of individual houses. Nearly half (42%) of mortgage loans are granted for the purchase of housing area of ??40-60 square meters, 30.5% - an area of ??60-80 square meters, 10.9% - an area of ??80-100 square meters, and the rest falls on a larger area.
The cost of more than half (54.7%) of the housing acquired for mortgage is 30-60 thousand manats, 36.4% - 60-90 thousand manats, 4.5% - 90-120 thousand manats, 2.4% - up to 30 thousand manats, and only 2% - more than 120 thousand manats.
About two-thirds (68.2%) of those who buy a house for a mortgage are married citizens, men make up 83.1% of the buyers. The monthly income of more than a third (35.3%) of the borrowers is more than 1.1 thousand manats, 21.2% - 700 - 900 manats, 18.3% - 500 - 700 manats, and 15.4% - AZN 900 - AZN 1,100.
The state budget has allocated 50 million manats for social mortgage for two consecutive years. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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