Baku/26.09.19/Turan: On January 25, the President of Azerbaijan signed a decree "On the creation of a mechanism for leasing housing space with rental obligations."
The document provides for the transfer of housing for rent to citizens with a prepayment of 12 times the monthly payment. These funds are transferred to the Mortgage and Credit Guarantee Fund. Next, the tenant pays monthly rent.
The contract is concluded for a period of 3 to 20 years. After paying the cost of housing, the apartment becomes the property of the tenant.
However, 9 months have passed since the decree, and its implementation has not yet begun. The Fund told Turan that the process would begin before the end of the year.
"The creation of a regulatory framework is fully completed. To ensure transparency and convenience of citizens, there is an agreement with ASAN centers. Work is completing to automate the process of providing apartments for rent," the department said.
At the same time, the Fund did not give a specific answer to the question about the amount of rent and the circle of persons who can use the right to obtain apartments for rent with subsequent redemption.
No funds have been allocated from the state budget for the implementation of this project and it will be implemented at the expense of the mortgage fund.
The specified system can be used by citizens who do not have past obligations and criminal record, persons no older than 60 years, who have official income.
Expert economist Nemat Aliyev believes that the decree in itself is positive. However, its execution will run into obstacles.
"The mortgage project in Azerbaijan itself can be said to have crashed. At first, high percentages were applied, which reduced the number of applicants.
Then they reduced interest, but still no one wanted to, because buying apartments for cash is much more profitable.
It is possible that the rental price will be artificially high," said the expert.
Another problem is that many in Azerbaijan work under informal employment contracts, and therefore will not be able to apply for housing.
The number of persons officially receiving salaries in Azerbaijan is 1.5 million. Of these, 890 thousand do not exceed 250 manat per month. Therefore, most of those in need of housing will not be able to get it.
Before implementing such projects, the authorities must raise their salaries," the expert said.
According to the data of the Mortgage and Credit Guarantee Fund created in 2017, 26,848 loans have been allocated to date; more than 1.37 billion manat has been spent on it. -06D-
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