El Salvador: Home Rental Market Heats Up

Salvadorans are gearing more towards renting homes, as buying real estate is becoming increasingly difficult, due to little credit and complicated paperwork.

Tuesday, June 1, 2010

Additionally, banks are lending little money to build new homes. According to Casalco (Salvadoran Chamber of Construction), home building loans have dropped 73.4% in the first quarter of 2010.
Ismael Nolasco, executive director of Casalco, commented that “they are conducting a study with the Multi-sector Investment Bank (BMI) to evaluate the state of the industry. ‘Many people who are renting homes would prefer to buy, but they face too complicated requirements for getting a loan’, he said”.

More on this topic

Rentals in the Colon Free Zone

October 2012

After repealing the law allowing the sale of land, the government is intending to put up rental prices.

"Yes, the rents are going to be raised, we said that from day one," said the Minister of Economy and Finance, Frank De Lima, whose aims is that users of the free zone will contribute the more than $27 million per year that are currently paid, towards improvement plans in the province.

ZLC Businesses: Buy or the Rent Goes Up

March 2012

Even though last year the rents paid by users of the Colon Free Zone (ZLC in Spanish) rose by 20%, President Martinelli has said that they pay very little in relation to their earnings.

If the sale of the lots in the ZLC does not go well, the alternative being studied by the government is to raise the rents.

Salvadoran Housing Market Stagnant

August 2011

The restriction of loans for house purchase by banks, together with the lower demand for rentals is keeping the sector depressed.

According to estimates by the Salvadoran Chamber of Real Estate sales and rentals of houses have fallen by 40% since 2009.

An article in Elsalvador.com reports that José Ventura Salvadoran president of the Chamber of Real Estate (CSBR) said, "although the housing deficit totals 444,000 homes, according to the Department of Housing, 'restrictive policies and the strict criteria of the banks for loan approvals, even to customers who before the crisis were guaranteed approval, has reduced the number of Salvadorans who can afford a house. "

More Properties for Sale in Nicaragua

November 2009

Real estate agents have reported an increase in the number of properties available for purchase or rent.

Most houses being put up for sale have prices between $50.000 and $150.000, commented Alejandro Castillo, from Auxiliadora Kelly Real Estate.

"As for rent, the increase has been more visible in houses and office space, specially for homes with monthly rents between $500 and $1.500", told Castillo to Laprensa.com.ni.

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