Azernews.Az

By Amina Nazarli

The construction of social housing, which targets to address the housing issues in Azerbaijan, is scheduled for the end of the year.

Deputy Prime Minister Ali Ahmadov said social housing can be provided to low-income families on favorable terms.

He further added that a lot of social groups in the country need social housing.

“The population of Azerbaijan is growing dynamically. The number of young married couples increases,thereby creating a need for new apartments.

The recently established State Housing Agency under the presidential decree is expected to give big hope for many people to solve their housing problems.

Social housing is low cost houses built in a short time. The area of the apartment is small, but there are appropriate living conditions.

After relocating to the apartments the tenants pay rent as a loan and after full repayment of the cost of housing apartment they privatize it and become the owners of the apartment.

Moreover, the project aimed to improve social welfare by introducing low prices and long-term loans to vulnerable people.

The construction activities, also targeting to stimulate construction sector, are planned to be carried out in Baku and regions of the country.

CEO of MBA Group consulting company Nusret Ibrahimov also believes that the program will help stabilize the real estate market.

“Market stability is easily broken when it is small, but if to invest in and develop it, the bigger it gets, the harder to violate its stability,” he said.

In addition the Social Housing Fund will promote opening new jobs, as well as meet the demand for housing and produce different consumer needs, thus giving rise to development of 20 sectors of the economy.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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