OREANDA-NEWS. February 28, 2012. In January the agents of the Azerbaijan Mortgage Fund (AMF) under the Central Bank collapsed mortgage lending 4.7 fold against its reduction by 1.4% in 2011.

Last year the country’s mortgage lending fell for the first time since 2008.

The AMF reports that in January  2012 mortgage loans for AZN 2.07 million were given in Azerbaijan against AZN 9.66 million in December 2011 and AZN 11.48 million in November (the 2011 best indicator per month).

As a result, in 2012 mortgage lending in Azerbaijan on the AMF standards make the same  AZN 2.07 million against AZN 95.54 million in 2011 and  AZN 95.9 million in 2010.

In January  the Fund conducted refinancing of the previously given loans for AZN 4.69 million against AZN 77 million in 2011 ,including AZN 9.2 million in December and AZN 9.3 million in October (the 2001 best indicator per month).

In 2011, the volume of the mortgages refinanced by the Fund still makes up 85.08% of its volume in 2010 (90.5 million manat).

The process of mortgage lending on the AMF standards started in the country in March 2006 and reached AZN 345.44 million since then. Of this amount, the Fund refinanced only AZN 253 million, and received AZN 116 million from the State Budget in 2005-11.