El Salvador: Housing Market Declines Due to Insecurity

Projects are becoming more expensive due to the fact that they increasingly include more security measures and in areas such as La Libertad, Soyapango, Ilopango and Apopa, some lots and homes are even losing value.

Tuesday, July 12, 2016

r="ltr">The wave of violence and insecurity affecting El Salvador is also being felt in the real estate market, especially in areas with high crime rates, such as La Libertad, Soyapango, Ilopango and Apopa, where   "... houses may remain unsold for months. Contrary to this, in areas such as Santa Tecla and Santa Elena, buildings are in higher demand and are increasing in value because of their location. "

The executive director of the Salvadoran Chamber of Construction (CASALCO), Antonio Velasquez, told Laprensagrafica.com that "... 'definitely there is no execution of new housing projects in some areas, because of the issue of insecurity.At the moment, said the executive, there is an abandonment of projects by construction companies due to demands from customers for closed buildings that can guarantee their security. "That has meant that as more time passes without executing the works, the more production costs increase, causing economic losses for the constructors'."

See article in Laprensagrafica.com "Violence Causes House Prices to Drop". (In Spanish)

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Insecurity and Uncertainty

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Salvadoran business owners point out that the main causes of the country's poor economic performance is still growing insecurity and a lack of a clear political course.

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