The International Bank of Azerbaijan (IBA) said on Tuesday that it has implemented mortgage programs requested by the central bank.

The programs were implemented to increase overall mortgage loan access in new housing developments throughout the country.

Bank spokesman Rauf Altun said the programs were suggested by the country's central bank, but IBA was free to manage the mortgages with individuals. Housing developments in which these mortgage programs were utilized include the Seven Hills area, the Grand Life Housing Complex, Crystal Absheron and Maiden Tower. The Seven Hills area was largely of interest to Islamic citizens with different leasing terms.

IBA officials expect that the demand for mortgages will increase over time, and they reported to the central bank that the volume of mortgages in 2014 increased by several times over the volumes of previous years.