Ilham Keleshov: Since early year, mortgage fund received applications worth over $882M

Since the beginning of 2023, Azerbaijan’s Mortgage and Credit Guarantee Fund has received applications for mortgage lending worth more than 1.5 billion manats ($882.352 million), director of the fund, Ilham Keleshov, told the ATV channel, Report informs.

He noted that this is 26% more than in the same period last year.

Keleshov added that since the beginning of the year, about 5,000 people in Azerbaijan have taken advantage of mortgage loans, and more than 1,000 people have used the mechanism of renting housing with the right to buy.

He said that most of them are young families: “According to statistics, 67% of those who today own apartments using these two mechanisms are young people. In general, the average age for mortgage lending is 34 years.”