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.
From January to November 2008 13,780 loans were granted, compared to 17,938 in 2007.
Despite some signs of recovery, mainly in public works, the industry continues to stagnate, as shown by credit indicators for construction.
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.
Credits for home purchase only rose one percentage point between May and July this year (from 3% to 4%).
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