Salvadorans Demand More Used Housing than New

Since 2008, more people have applied for loans to buy pre-owned homes than for new ones.

Monday, September 13, 2010

According to data from El Salvador's Social Housing Fund (FSV), in 2006 of 1,520 registered loans, 1,169 were for a new home. In 2008 the trend changed with more mortgage applications for pre-owned houses.

"Tomás Chévez, FSV president, stated that according to the most recent data, as of August this year, the trend continues with 1,821 loans registered for pre-owned homes and 590 for new ones," reports Laprensagrafica.com.

Ismael Nolasco, executive director of Salvadoran Construction Chamber (Casalco), believes that the change is due to the ease of obtaining credit for one and not for the other.

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The trend over recent years has been the purchase of used housing, according to Thomas Chévez of the Social Housing Fund (FSV).

"The balance that could be achieved regarding the trend is because in 2011 the supply of new housing, specifically of social interest, will increase due to construction projects from the program “Casa para todos,” reports the article in Laprensagrafica.com.

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