Who needs expensive housing?

08.06.2010 10:13
<div style="text-align: justify;">It is known that the global financial crisis began with the U.S. housing bubble, when real estate prices have reached astronomical heights.<br /><br />In almost all countries of the world there was a correction of the cost of housing in the direction of descent. Is no exception, and Azerbaijan, where the tendency for a fall in prices had not even finished.<br /><br />Real estate market of Baku in May, dropped in price by another 0.9 per cent year on year prices fell by 10.7 per cent by the beginning of the year - by 6,2 percent, said on Friday the general director of consulting company MBA Group Nusret Ibrahimov ("Trend" ). On the primary market of housing prices fell in May to 1.1 percent - from 820 dollars per square meter to 811 dollars. By the beginning of the year prices fell by 8.9 per cent (from 837 dollars) per year - by 15,3 per cent (from 958 dollars), said Ibragimov.<br /><br />In the secondary market of housing cheaper in May at 1.3 percent - from 1,348 dollars per square meter to 1,330 dollars. Top of the prices of second homes fell by 3.5 per cent (from 1376 dollars) to the same period last year - by 6.4 per cent (from 1425 dollars).<br /><br />Risen in the last month only to the land market of Baku by 0,9 percent, to 15,604 dollars per one hundred square meters up to 15,749 dollars by the beginning of the year prices have fallen in this market segment at 9.3 percent, the same period last year - by 15.7 percent. Market rent has fallen in price in May to 1.9 percent - from 690 dollars per square meter to 677 dollars per year decline in prices was 10 per cent since the beginning of the year - by 6,9 percent.<br /><br />Rental of commercial buildings also became cheaper by 0.2 per cent - from 2,505 dollars on average for the facility to 2500 dollars per year price for the lease of nonresidential objects have fallen by 7 per cent by the beginning of the year - by 12.7 percent.<br /><br />We note the work of the Azerbaijani government, which has done everything possible to prevent a collapse of prices in the market. But the flow of funds for mortgage loans to support the construction was too dose. Moreover, the Central Bank of Armenia (CBA) decided that there is too increase mortgage lending.<br /><br />Recall that, as noted by Chairman of the Board of the Central Bank Avtandil Babaev, "AMF has already placed 55 million manat in the first issue, and is currently being hosted on the second issue of AZN 75 million, of which currently there are 33 million AZN. We believe that the amount of bonds AMF in 2010 is optimal, and there is no need to increase it "(Interfax-Azerbaijan").<br /><br />According to him, the successful placement of bonds AMF due to two factors: the high confidence in the mortgage market and the availability of high liquidity in the banking sector, since banks consider mortgage bonds as an investment tool. A. Babayev said that the state budget has begun funding to support the social mortgage.<br /><em><strong>zagorodna.com</strong></em></div>
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