BAKU, Azerbaijan, January 14. The agent banks of the Mortgage and Credit Guarantee Fund (MCGF) of Azerbaijan issued 4,685 mortgage loans worth 439.8 million manat ($258.7 million) in 2024, MCGF told Trend.
Based on the MCGF analytics, this encompassed 3,609 conventional
mortgage instruments valued at 357.7 million manat ($210.4 million)
and 1,076 subsidized mortgage products aggregating 82.1 million
manat ($48.2 million).
The aggregate valuation of mortgage financing disbursed via the
fund exceeded 3.31 billion manat ($1.94 billion) from 2006 to 2024,
facilitating enhancements in housing conditions for more than
52,530 households.
Significantly, a substantial 67 percent of the mortgage
beneficiaries comprised youthful demographics and familial units,
with an estimated 22 percent of the financing allocated to
inhabitants in peripheral locales.
In the year 2024, the mean annualized interest rate for
conventional mortgage instruments was recorded at 7.4 percent.
Additionally, the ACGF issued 275 guaranteed mortgages in 2024, totaling 28.3 million manat ($16.6 million), compared to 147 mortgages worth 14.3 million manat ($8.41 million) in 2023.
The Mortgage and Credit Guarantee Fund of Azerbaijan (MCGF) is a public fund established in 2017 by the amalgamation of the Azerbaijan Mortgage Fund and the Credit Guarantee Fund of the Republic of Azerbaijan. The objective is to enhance living circumstances, establish an effective financing system for house construction, attract both domestic and international investors to mortgage lending, and facilitate access to funding for SMEs. MCGF provides financial instruments including credit guarantees and mortgage loans for this purpose.