El Salvador Suspends Housing Fair in the US
CASALCO decided to discontinue the fifth housing fair, awaiting changes in the Salvadoran economy.
Thursday, May 28, 2009
The Salvadoran Construction Industry Chamber (CASALCO) believes that changes should include more long-term credit and the likely opening of a preferential interest law, among others.
The event will be celebrated from October 17-19 in Los Angeles (California, USA) and will have the participation of more than 40 financial and non-financial institutions, construction firms, and urban developers.
Salvadorans are gearing more towards renting homes, as buying real estate is becoming increasingly difficult, due to little credit and complicated paperwork.
In 2011, house sales in El Salvador grew by 4%, and the industry is planning new campaigns to encourage home ownership.
The sale of houses has fallen 70% and the most affected range of housing is that of more than $150 thousand, explains Gonzalo Olano, an expert in real estate.
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