Salvadoran builders unable to sell homes
With a few days left before the end of 2008, there is concern about the inventory and little or no sale of houses in the market due to the credit restriction.
Thursday, December 18, 2008
Mario Rivera, president of the Salvadoran Chamber of the Construction Industry (Casalco), added that the companies still have apartments or houses and that "they are unable to sell them because there is no financing for family," and therefore run the risk that the builders will not be able to fulfill their commitments with the banks.
Since 2008, more people have applied for loans to buy pre-owned homes than for new ones.
The restriction of loans for house purchase by banks, together with the lower demand for rentals is keeping the sector depressed.
Grupo Salazar Romero started selling its “Cumbres de San Bartolo” project, with 600 social housing units.
The Costa Rican Chamber of the Construction Industry has said that mortgage lending is an investment, not an expense, and therefore access should not be limited.
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