TBY talks to two major construction companies in Azerbaijan about their outlooks on the market, and the special tastes locally.
What makes the Azerbaijani construction market so unique?
AZAD IBRAHIMOV Azerbaijan is moving closer to European standards in terms of construction. Our aim is to reach European standards in the construction of buildings, and protect Azerbaijani architecture. Therefore, we would like to merge modern technologies in the construction sector with a certain leaning towards Azerbaijan’s architectural heritage.
RAHIM SULTANOV We deal with a huge variety of clients with different tastes. However, most of them prefer a classical style. Buildings constructed by Caspian Service feature exclusive materials, including Azerbaijani pit-run stone. This is a component with which we have had much success, and it fits superbly with the city’s classic architecture and works in harmony with the older buildings. We really do take into account the smallest details, working to create comfortable layouts for our apartments and public areas, with a diversity of choice and high-quality construction.
What do you believe are some of the major challenges facing the construction sector?
AI Of course, in every area, there are some challenges. The global economic crisis also affected Azerbaijan. However, we are considered trustworthy; we always keep our promises, and deliver our orders on time. These days it is hard to sell apartments because home loan interest rates are so high. They should be reduced a little more. Now the government is taking care of the issue, talking with the Central Bank and trying to make it easier for people to buy their own homes.
RS The government doesn’t have much influence on this sector of the economy, as it is mostly private companies operating in this field. There are some problems with high interest rates on bank credit and short credit repayment tenors on mortgage or home loans. That is the major challenge that needs to be overcome. Therefore, if the government takes some measures to regulate this program, it will considerably revive the market.
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