Costa Rica: Figures on Housing Loans

38% of total bank lending corresponds to housing construction, while 35% is used for buying new homes.

Monday, September 5, 2016

Data from the housing loan portfolio in the domestic financial system shows that the proportion of loans requested by Costa Ricans to build their homes is higher than loans used to buy existing homes. explains that "...The Costa Rican financial system has a balance of credits which were used for housing amounting to ¢4.6 billion. This amount represents 25% of all outstanding loans in the country (¢ 18 billion).  For housing construction, the balance is ¢1.75 billion and, for the purchase of new homes, it is ¢1.62 billion. Both lines represent 73% of the total."

The figures from the Superintendent of Financial Institutions show that the housing finance portfolio grew by 12% between July 2015 and December 2016.

You many want to read: "Costa Rica: $56 million in Residential Projects" and "42 sqm Apartments for $74,000"

"... All types of loans that make up the portfolio have fed this increase except for those for constructions for non-commercial use by a third party, one of the lowest, which fell by 10%."

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April 2016

In February 2016 the mortgage loan portfolio exceeded $13 billion, 15% more than was recorded in the same period in 2015.

For the remainder of the year it is estimated that the total mortgage portfolio of the banking system will far exceed what it was in 2105, at a time when there is increasing demand for this type of financing and there remains a significant shortage of low and middle income housing.

Housing Loans Up 21% in Costa Rica

December 2014

Between October 2013 and September 2014 the average number of home loans given out per month was 2,659, 21% more than in the same period in 2012/2013.

According to the Superintendent of Financial Institutions, the average amount of loans per customer amounts to $46,694, for buying lots or homes.

The Bank of Costa Rica and the New Housing Act

July 2013

The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.

The application of the new law for middle class housing signed yesterday by the Costa Rican government is in the hands of financial institutions who provide loans for house purchases, which still must consider what returns they will obtain.

Banco Promerica de Costa Rica to increase mortgages and loans for green projects with IDB support

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$15 million IDB loan is the first to a Costa Rican financial institution that seeks to expand its mortgage and green financing business

The Inter-American Development Bank (IDB) approved a $15 million loan to Banco Promerica de Costa Rica to help the bank expand its long-term mortgage operations and loans for environmentally sustainable projects.

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