Good news for those wishing to purchase housing through rent

The Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan has announced a tender for the acquisition of new residential areas within the framework of the "rent with obligation to sell" mechanism.

According to information received by BAKU.WS, the fund's goal is to improve the housing conditions of citizens. Thanks to this mechanism, people first rent an apartment, and after a certain period of time, they can purchase it.

According to the tender conditions, the new apartments should be located in the city of Sumgait and nearby residential areas of the Absheron district. In total, it is planned to purchase apartments with a total area of at least 50 thousand square meters. This project is being implemented in accordance with the decree of the President of Azerbaijan from 2019.

The total cost of the competition is approximately 213 million manats. Interested construction companies can submit their proposals until 10:00 on June 23, 2025.

The apartments that will be purchased from the supplier selected as a result of the tender will subsequently be provided to citizens for rent with an obligation to sell, meaning people will first move into the house as tenants, and then gradually become its owners.