Housing deficit in Nicaragua grows

Expediting procedures to get building permits and providing longer-term financing and lower interest rates; these are a few of the measures that are lacking and which delay housing construction.

Wednesday, August 6, 2008

During a housing forum, Alfonso Silva, President of the Chamber of Developers, said that it takes up to 18 months to get the permits for a housing project approved and that this needs to be reduced to between two to three months.
He also pointed out that the developers also face the dilemma of short-term financing and high interest rates which prevent them from selling homes at more reasonable rates.

More on this topic

Nicaragua: Preferential Interest Rate for Housing loans

May 2014

The recently approved amendment to the Housing Act provides a subsidy of 2.5% in the interest rate for mortgage loans that are not greater than $32,000.

Responding to industry demands and seeking to motivate the new housing market, the recently approved reform also provides, as well as the subsidy, that any bank can apply the exemption of 15% from Value Added Tax (VAT) for mortgage loans with this same ceiling rate.

$918 million in Approved Building Permits

September 2012

In the first seven months of the year the value of approved construction projects amounted to $918 million, 45.3% more than in the same period last year.

This July alone, the total approved exceeded $151 million, representing a 140% increase compared to July 2011.

Of the total number of permits approved $705 million worth was for projects to be developed in the capital, being mostly non-residential.

Social Housing Fund to issue $68 million in credits up to 2009

June 2008

For the period covering the final year of the current presidential administration, the Social Housing Fund has budgeted nearly 68 million dollars to be invested in financing new housing.

Fund president Enrique Oñate said that, as a result of measures taken to assure financial sustainability and prudent application of strategies since 2004, the fund is issuing money from its own resources to meet the potential demand for the following year.

Costa Rica raid finds scant regard for environment in tourist zone

May 2008

Three construction projects were halted and more than 50 land-strips illegally divided into building plots were uncovered when Costa Rican environmental inspectors launched a second raid in the popular tourist zone of Guanacaste.

Inspectors found that land was being moved and trees burned down to make way for hotels and golf courses.

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