Azerbaijan’s State Housing Development Agency, known as MİDA, will offer 1,049 fully renovated apartments for subsidized sale in Binagadi, Hovsan, Shirvan and Yevlakh. Electronic selection will begin at 11 a.m. on Dec. 16, with prices starting at 43,225 manats, or about $25,426.
The largest share of the apartments will be in the Binagadi Residential Complex, where 839 units will be offered, Vesti Baku reported. Another 201 apartments will be available in Shirvan, five in the second phase of the Hovsan complex and four in Yevlakh.
The main sale period will run from 11 a.m. to 1 p.m. Apartment selection through the waiting list will open at noon and also close at 1 p.m.
Prices by Residential Complex
Four-room apartments in Hovsan will cost 118,800 manats, or about $69,882.
In Binagadi, three-room apartments will start at 98,415 manats, or about $57,891. Four-room units will cost 133,650 manats, or about $78,618, while five-room apartments will cost 211,275 manats, or about $124,279.
In Shirvan, two-room apartments will cost 54,815 manats, or about $32,244. Three-room units will start at 69,160 manats, or about $40,682, and four-room units will start at 93,765 manats, or about $55,156.
In Yevlakh, one-room apartments will cost 43,225 manats, or about $25,426. Three-room units will start at 70,490 manats, or about $41,465, while four-room apartments will cost 103,740 manats, or about $61,024. Value-added tax is included in all announced prices.
Where Subsidized Mortgages Are Available
Apartments in Hovsan and Binagadi may be purchased only with buyers’ own funds. Units in Shirvan and Yevlakh may be bought either with full payment or through a mortgage loan.
Subsidized mortgages will be available at an annual interest rate of 4% for terms ranging from three to 30 years. With the minimum down payment and the maximum loan term, monthly payments will start at 236 manats, or about $139, in Shirvan and 186 manats, or about $109, in Yevlakh.
Only applicants who have already obtained a bank’s preliminary approval and placed it in their electronic account will be able to choose the mortgage option.
How the Selection Will Work
The sale will be conducted through the “Subsidized Housing” platform, which is integrated with Azerbaijan’s e-government system. Citizens with an electronic account in the system may participate. The account’s registration date and serial number do not provide an advantage in selecting an apartment.
All units will be delivered with full interior finishing, kitchen furniture, a combi heating system and installed water, gas and electricity meters. MİDA will publish the exact floor areas, applicable discounts and participating banks’ conditions separately for each apartment.