List of those who can purchase social housing expanded
The list of categories of Azerbaijani citizens, who can purchase social housing built in several districts of the capital is expanded.
So, scientists with a three-year experience will also be able to purchase housing in Azerbaijan on preferential terms, according to the State Agency for Housing Construction.
Citizens belonging to this category will be able to purchase housing regardless of age or marital status.
Social houses can also be purchased by civil servants with 15 years of work experience falling under a special type of public service. This category includes employees of the prosecution, justice, defense, emergency, internal affairs, foreign affairs, customs and tax authorities, the State Security Service, the Foreign Intelligence Service, and the border guard service.
Currently, these civil servants can already use the electronic application system. For scientific workers such an opportunity will be provided in the near future.
The monthly payment for the purchase of a three-room apartment in a mortgage will not exceed 300 manats ($176.2) and for a oneroom apartment it will amount to 130-150 manats ($76.4-$88.1).
The State Housing Construction Agency (MIDA) under the Azerbaijani President was established in April 2016. At present, the MIDA is building the first preferential residential complex in Yasamal district of Baku, which is planned to be completed in mid-2018.
The complex in Yasamal, for the construction of which was allocated a land area of 11.6 hectares, will consist of 29 multi-apartment buildings. A number of social facilities will be built in the complex, including a 240-seat kindergarten and a 960-seat secondary school.
Overall, MIDA attracted investments worth 10 million manats ($5.9 million) for the construction of three residential buildings in Yasamal.
One building will be transferred to the disposal of the State Agency for the sale of apartments under the program "Social Housing”, remaining 2 buildings will be sold by the investor at market prices.
The second project on construction of social houses will also be implemented in the capital city. Within the second project, houses are planned to be constructed in Surakhani district, near Hovsan settlement and cover an area of some 20 hectares.
Recently the national Parliament increased the expenditures of the state budget for concessional mortgages and construction of social housing by half. Under the amendments to the law "On state budget of the Republic of Azerbaijan for 2017" it is planned to allocate additional 50 million manats ($29.4 million) from the state budget.
In the initial budget for the current year, expenditures under this item were 100 million manats ($58.7 million).
A preferential mortgage is issued only in the Azerbaijani manat and given to citizens of the country.
There are two types of product, including social [maximum period 30 years] and standard mortgage [maximum period 25 years], while the annual interest rate on services amounts to 4 and 8 percent respectively.
Mortgage is given only for an apartment or private house and its amount should not be more than 80 percent of the market price of the property. Mortgage payments cannot exceed 70 percent of borrower’s total monthly income.