Insecurity and the Real Estate Market

In some areas of El Salvador, the difference between having or not having a security gate can vary the price of a used home that is for sale by up to 30%.

Wednesday, September 13, 2017

In the metropolitan area, the sale prices of real estate are so variable that, according to real estate agents, it is almost impossible to get data on the average value of a square meter in a given area.

Wilfredo Arévalo, president of the Salvadoran Chamber of Real Estate, told that " ... "The value of a house can fall by up to 30% if it does not have a security gate, for example. '"

"... Prices are defined by the finishes that the properties has, as well as whether or no it has private security or if it is in an area with a lot of commerce. Just by looking at classified ads in newspapers and the internet you can see prices ranging from $50 thousand to $200 thousand in the same area. Arévalo said "...'How much a square yard in La Escalon is worth, for example ... can not be generalized.'"

"... The leader of the Chamber, however, clarified that this disparity occurs above all with the used houses, as new homes follow another pattern of sale defined by developers."

In order to have more and better information about the behavior of the real estate market, the union of real estate brokers itself presented a bill a year ago that would force agents to report monthly housing sales, in order to generate a database for the market.

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