OREANDA-NEWS. November 02, 2009. The Baku Realtors’ Association (BRA) indicates impact of mortgage on the real estate market.

Association’s co-founder Nusrat Ibrahimov says that peak of primary real estate market fell on the share of 2005.

“Since 2005 market turnover started decreasing. In 2007 and in mid-2008 its decline was at a slow rate. In the 2nd half of 2008 the decline was at higher rate. The ‘darkest’ period for the market was February of 2009. Mortgage loan activity was resumed in June 2009 that stimulated the market. I estimate that mortgage impact on the market makes a deal versus 10. In construction sector this share is less, but in operations of realtor companies mortgage ranks second. In this connection mortgage should become constant and we are ready to give support to the Azerbaijan Mortgage Fund,” Ibrahimov said.

BRA was established by real estate agencies New Europe and Baki Emlak and consulting firm Marketing Business Analysis (MBA). It already has 48 members and is considering membership applications of the same quantity of realtors.

The association sets a goal to develop existing legislation and normative base, systematize and create professional standards for regulation of activity of realtors, create market infrastructure in accordance with international standards and deal with professional training of realtors and certification and development of services.

The union works out procedure of single documenting for improvement of realtor services. Works are being conducted to create single base of property and expansion of network of services, creation of educational base on professional preparation of realtors.