Growth in Supply of Housing Loans in Costa Rica
The banking system has increased its range of mortgage credits with terms of up to 30 years in both dollars and colones, the local currency.
Wednesday, August 11, 2010
The Costa Rican banking system's housing credit portfolio makes up 31% of 31% of all non-financial private sector loans, measured in colones. As of May year on year sector growth stood at 3.71%, according to the Central Bank.
The scare liquidity of colones explains the lower growth of loans in this currency, while credit growth in dollars continues to lose strength.
The four state-owned banks intend to lend $682 million in housing in 2012, 20% less than last year.
In light of rumors over possible changes to mortgage conditions, Nicaraguan real estate developers are asking the country's banks not to go through with them because they would affect the sector’s growth.
While preparing a definitive ruling, a Costa Rica tribunal court ordered a mortgage lender to reduce the monthly fee paid by a debtor to its initial amount.
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