Twelve apartments, previously provided to citizens by the Mortgage and Credit Guarantee Fund under a sale-with-obligation agreement, have officially transitioned to private ownership.
As reported by the "Operative Information Center-OMM", this was announced by Aslan Zeynalov, Deputy Director of the Fund's Rental Housing Department.
"Citizens have fully fulfilled their obligations under 12 rental agreements, thereby acquiring ownership rights to their apartments. Rental agreements are concluded for a minimum of 3 years and a maximum of 25 years. The provided apartments are fully renovated, allowing citizens to move in without additional work. The units are equipped with sanitary facilities, combi heating systems, as well as electricity, gas, and water meters. One of the key advantages of this mechanism is the stability of monthly payments; the amount determined at the time of signing remains unchanged throughout the 25-year period, shielding tenants from fluctuations in the real estate or rental markets," he noted.
The Fund official recalled that the rental housing mechanism was established by a decree of the President of Azerbaijan on January 25, 2019, with implementation beginning in March 2020. "To date, 9,546 apartments have been handed over to citizens under rental agreements. A core condition is that the apartment eventually becomes the citizen's property. During the rental and payment period, ownership remains with the Fund, and only after all monthly payments are completed in full and on time does the citizen acquire ownership rights," he added.
Furthermore, Zeynalov stated that the number of rental agreements is expected to reach 4,500 this year. "The number of contracts is increasing annually. Last year, 2,800 rental agreements were formalized, compared to 1,870 the previous year. So far this year, 4,056 agreements have been finalized, with an additional 400 projected by year-end."
The rental housing mechanism, a state-backed initiative in Azerbaijan, aims to improve housing accessibility for citizens by offering long-term rental options with the ultimate goal of homeownership. The program has seen significant uptake, particularly among citizens aged 35 on average, with a balanced distribution of applicants from both the public and private sectors.
