38% Increase in Mortgage Loans in El Salvador

In February credit for the construction sector reported a growth of 38.22%.

Wednesday, April 25, 2012

According to the Salvadoran Chamber for the Construction Industry (Casalco), the industry obtained between the months of January and February about $79 million in loans to build and buy homes, representing an increase of 38.22% compared to the same period in 2011.

"Funding for construction totaled $23.07 million, 5.94% more than last year. Loans to purchase homes totaled $55.96 million, 58.08% more.

Agricultural infrastructure construction is the sector that showed the highest percentage growth, according to statistics from the report: 9,231.7%. In the first two months of this year, this sector received credit of $29.79 million compared to $320,000 in 2011," reported Elmundo.com.sv.

More on this topic

Housing credit drops 23% in El Salvador

January 2009

From January to November 2008 13,780 loans were granted, compared to 17,938 in 2007.

The Salvadoran Chamber of the Construction Industry (Casalco) said in their report, according to elsalvador.com: "The number of loans for home construction decreases 45.6%, since in 2008 only 189 home loans were granted compared to 2,187 in 2007.

Salvadoran Construction Remains Stagnant

July 2011

Despite some signs of recovery, mainly in public works, the industry continues to stagnate, as shown by credit indicators for construction.

Between January and May 2011, banks lent $7.4 million for housing projects, 73% less than in the same period last year, when loans were for $27.7 million.

More Credit for Construction Sector in El Salvador

March 2012

In a clear demonstration of the return of confidence in the banking sector in January 2012, construction loans increased four fold compared to January 2011.

Two reasons behind the increase in lending: the 8% growth of the industry in 2011 and the return of confidence in the banking sector, reports Elmundo.com.sv.

Housing Loans Yet to Recover in El Salvador

September 2010

Credits for home purchase only rose one percentage point between May and July this year (from 3% to 4%).

This announcement was made by the Salvadoran Construction Chamber (Casalco). Its report adds that construction loans are still static at 4% of all credit granted by the banking sector.

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