Sustainable Development of the Mortgage Market in Azerbaijan: Commercial Risks of Housing Construction, Social Vision, and State Influence

The purpose of this study is to formulate a model for sustainable development of the mortgage market in Azerbaijan, taking into account commercial risks of housing construction, the risks of the construction industry, social visions of mortgages, state pressure, and support. The following five key r...

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Bibliographic Details
Published in:Sustainability 2020-06, Vol.12 (12), p.5116
Main Authors: Ganbarov, Fuad, Smoląg, Klaudia, Muradov, Rashad, Aghayeva, Konul, Jafarova, Rumella, Mammadov, Yashar
Format: Article
Language:English
Subjects:
Affordable housing
Construction industry
Developing countries
Green buildings
Housing
Housing prices
Institutional investments
International finance
LDCs
Mortgages
Population
Questionnaires
Risk assessment
Securities markets
Sustainable development
Trends
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Summary:The purpose of this study is to formulate a model for sustainable development of the mortgage market in Azerbaijan, taking into account commercial risks of housing construction, the risks of the construction industry, social visions of mortgages, state pressure, and support. The following five key research stages can be distinguished. Namely, identification of commercial risks of housing construction based on a survey; evaluation of the effectiveness of risk diversification strategy; determination of the social vision of a mortgage; substantiating the main directions of state pressure and support for mortgage market development; and creation of a model for sustainable development of the mortgage market in Azerbaijan. At the same time, it is proposed to use a methodological approach to assessing the effectiveness of the model based on the construction of the multivariate linear regression equation. The inclusive model of sustainable development of the mortgage market in Azerbaijan provides for the formation of a favorable institutional environment. Given the selected modules, forecasting the effectiveness of the proposed inclusive model demonstrates its effectiveness in the direction of enhancing mortgage lending based on interest rate regulation taking into account the benefits of green housing construction.
ISSN:2071-1050
2071-1050
DOI:10.3390/su12125116