A new mechanism has been launched to meet the population's demand for apartments in Azerbaijan. Applications are submitted via the Mortgage and Loan Assurance Fund's "Electronic Mortgage and Loan Assurance System" on the e-government portal by using an electronic signature. The preliminary addresses of the rental apartments for sale are already known.

At the initial stage, 331 apartments go on sale.

In Baku's Nizami district, 208 apartments will be rented. 33 out of 208 apartments are one-roomed, 141-two-roomed, 19 – three-roomed and 1 – four-roomed. Each apartment has been provided with high standard materials. They have been fully equipped with the heating system.  

40 out of 123 other rental apartments for sale are located in Baku’s Khatai district, 58 in Khirdalan and 25 in Sumgayit city. However, the number of rental apartments for sale will not be limited by that. It is planned to increase the number of offered apartments by 4-5 times throughout the year.

Citizens have an opportunity to choose fully renovated apartments and the apartments commissioned after 2013 based on their area. In accordance with the rules, a lodger is supposed to pay the 12-month payment of the apartment beforehand. After 3 years, a citizen will have the right to become the owner of the apartment by paying its full cost. Every citizen under the age of 60 may benefit from the rental apartment project. When it comes to the duration of contracts on renting apartments, it will be determined based on a citizen’s will: from 3 to 25 years.  

What is the difference between rental apartments for sale and mortgage  and ordinary rental apartments?

Initially, compared to the mortgage, citizens’ access to rental apartments is much easier. The required initial payment is much less. Moreover, a citizen is exempted from insurance and maintenance.

When it comes to the advantages over ordinary rental apartments, the finances paid by a citizen, who rents an apartment for sale, are of investment nature. Thus, the payment remains the same throughout 25 years. However, if you have rented an apartment in an ordinary way, you can face price changes at any time. The biggest advantage is that a person, who rents an apartment for sale, receives the right to become its owner at the end.

Sadagat Suleyman