Sale of social housing to be organized anew

By Azernews

By Sara Israfilbayova

The sale of first apartments in four buildings of the Yasamal residential complex in Baku will be organized anew.

The State Housing Construction Agency (MIDA) under the President of Azerbaijan reported that due to the massive number of users and transactions on the e-government portal, when choosing an apartment during the sale process that began on May 7, the portal was overloaded, and some citizens encountered technical difficulties while using the electronic signature.

Also, as a result of errors in the “Preferential Housing” system, incorrect notices on the choice of an apartment were sent to 1,963 citizens who were able to enter the system. Despite the fact that 260 of them could sign and confirm the application for choosing an apartment, the remaining 1,703 people could not complete this process due to technical problems. Thus, due to technical faults, the procedure of electronic signing and the process of selecting an apartment

Therefore, it was decided to cancel the results of the apartment selection held on May 7, and the sale of 260 apartments in the four buildings of the Yasamal residential complex will be organized anew to ensure a fair, transparent and equal preferential sale.

The date of the reorganization of the choice of apartments will be reported additionally.

The sale of apartments in the social housing complex in the Yasamal district of Baku has started on May 7.

In accordance with the rules approved by the decree of the President of Azerbaijan from November 16, 2016, the cost of selling apartments offered to citizens on preferential terms is determined below the average market price established by the Azerbaijan Mortgage and Credit Guarantee Fund.

The price of one-room apartments starts from 29,925 manats ($17,602), the price of two-room apartments - from 47,282 manats ($27,812), the price of three-room apartments - from 65,626 manats ($38,602).

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.

Every family/person who is entitled to use social mortgage loans can use these concessions only once.

All interested persons can find information about the exact area of each apartment (and rooms), prices, operating benefits and additional discounts, agent banks, and make the appropriate calculations by means of a mortgage calculator and a calculator preferential housing on the website of the Yasamal housing complex www.yasamal.mida.az.

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.