Home Sales: Lights, Shadows and Predictions

Although the Guatemalan economy has almost stagnated in recent months, during the first half of the year the number of loans granted for the purchase of residences grew 3%, and by 2021 it is predicted that sales could be similar to those of 2019.

Friday, July 31, 2020

The social distancing measures and the prohibition of several economic activities decreed by the authorities due to the covid-19 outbreak, caused considerable negative effects to the Guatemalan real estate market.

See "Real Estate Supply: How do Prices Behave?"

During 2018 and 2019 the number of loans granted to acquire a residential property grew by 11% on average. From January to June of this year a minor increase was reported, registering only a 3% variation, growth that is explained by the inertia of the first quarter.

According to studies by CentralAmericaData, in Guatemala at the end of the first semester more than 600 thousand people were trying to access a mortgage loan in the digital environment.

You may be interested in "Credits: Potential market in the region"

Regarding what is expected in the coming months, Edgar René Chavarria, manager of the personal banking division of Banco Industrial, explained to Prensalibre.com that if by 2021 "... the appropriate measures are not taken by the developers themselves, we believe there could be a sharp drop in housing sales. The disbursements that are being made are those that have been executed and there are no large projects for 2021 or 2022 to begin their delivery stage."

Chavarria added that "... For this, the entrepreneur has to remove the uncertainty, which we have so far, and is likely to be a little cautious, and is considered a decline, but there is a change of trend in the rest of this year."

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More on this topic

Home sales: Market Shows Signs of Progress

May 2021

Businessmen estimate that between 750 and 800 houses were sold in Nicaragua during the first four months of the year, a figure that would be far from the sales reported prior to the socio-political crisis of 2018, but would exceed the sales of the last three years.

In 2017, before the political and social crisis broke out, 5,000 houses were sold in the country per year.

Residential Sales: How do Preferences Change?

August 2020

Because of the new commercial reality that has emerged in an accelerated manner and with the boom of telecommuting, potential buyers are more inclined to buy an individual home, which offers more privacy, than an apartment.

With the spread of covid-19, strict home quarantines were decreed in Central American countries.

How Many Homes Are Being Built in Guatemala?

February 2020

In the country's metropolitan area, nearly 16,000 homes are being built, most of which are apartments and will be available in the coming months.

The good numbers for the construction sector in the country will continue in the coming months, since currently 112 real estate projects are being developed in the department of Guatemala, which will increase the housing supply in the next three years.

Real Estate Fair: $180 Million in Business Agreed

September 2019

At the Expo Capac in Panama, 2,100 homes were sold, and mortgage transactions for nearly $180 million were achieved, surpassing the projections of the organizers by 50%.

This year was attended by 400 exhibitors who presented some 600 real estate projects and the support of 14 mortgage banks, public and private, which closed buying and selling procedures with thousands of visitors who came together during the five days of the fair event, reported the Panamanian Chamber of Construction (CAPAC).

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