Press Review 29.08.17

Assessing the presidency of Ilham Aliyev, solving problems with overdue loans, and the housing market are the leading topics of today's press.

The Azerbaijan published an article titled The Golden Decade, dedicated to the rule of Ilham Aliyev. The author recalls the large-scale transnational projects implemented during his reign, writes about the incomes and expenditures of the state budget, etc.

The Echo published an article entitled Azerbaijani Banks Sell Overdue Loans to Each Other? According to the Azerbaijani legislation, so-called collector firms are prohibited from buying problem loans from banks and non-banking organizations. However, banks have the right to buy overdue loans from each other. Typically, such transactions are carried out in cases where one bank urgently needs money and it issues problem loans for sale to other banks at a reduced price. Then the new owner of an overdue loan with the help of collectors "knocks out" the money from the customer. As a rule, they buy out loans where there are pledges, because there is a chance to win in a court and confiscate the pledged property. More often a wholesale transaction is made when selling problem loans. Banks redeem hundreds and thousands of loans that are similar to one another in terms of conditions, amounts and collateral.

The Yeni Musavat writes about a certain revival in the housing market in connection with students and tourists. Previously, the need for rented accommodation was greater, since there were a lot of people wishing to work at construction sites in the presence of a construction boom. Experts say that a normal apartment with repair and furnishings costs 350-400 manats. Apartments located far away are 300 manats. In the near future, the cost of rented apartments can increase by 20-25%.