Real estate market in Baku healthier than Yerevan and Tbilisi, says IRPF CEO Norman D. Flynn

"Many new buildings are built in Baku, there is good mortgage lending process. All these are caused by the rate of Azerbaijan's economic development," he added.

He emphasized that immobile property accounts for between 5% and 7% of the gross domestic product unlike around 20% in some countries.

He said the real estate appreciation process is related to investment influx to the country and the prices keep pace with the rate of fast economic growth.

"However, prices are lower in Azerbaijan compared to the world market," he noted. He said the property prices are pushed by the increasing demand in the country.

Mr. Norman D. Flynn added that the IRPF plans to negotiate with Azerbaijan Mortgage Fund and the authorized banks so as to expand mortgage lending expansion and development in the country.

The IRPF was established in 1992, as an independent, nonprofit organization designed to help in the transition from centrally planned to market driven economies in Central and Eastern Europe and the Newly Independent States of the former Soviet Union. The mission of the IRPF is to help create free, efficient, honest and equitable real estate markets anchored to private property rights; to develop an ethical and trained real estate profession committed to protection of the public and organized into representative real estate associations; and to promote home ownership as a key element of free societies. APA-Economics