Nicaragua: More Financing for Social Housing

Through a trust belonging to the Nicaraguan Institute of Housing $31 million will be available to finance the purchase of social interest housing, with a fixed interest rate of 7.5%.

Tuesday, September 12, 2017

Like the construction sector, banks have started backing financing of social interest housing. In the first half of the year, loans granted for the purchase of this type of housing registered an increase of almost 17%, according to reports from the association of developers.

See "Central America: $265 Million for Residential Projects"

Olivia Cano, co-director of the Nicaraguan Institute of Urban and Rural Housing (Invur), told that "... the trust is for US $30.9 million, and consists of a new format promoted by the Government so that families can acquire social housing. The $30.9 million was provided by the CABEI and will be managed by Banco de la Producción."

See also "Social Housing: A $588 Million Business"

Héctor Lacayo, president of the Chamber of Developers of Nicaragua (Cadur), commented further that "...'The (financing) bank is banking on mortgage lending and is granting more long-term funds for (housing) projects. Mortgage loans for social interest housing grew to $170 million this year. Last year it was US $120 million'. Lacayo added that 1,700 social interest homes have been sold this year and last year, in the same period, the figure closed (for that sector) at 1,360."

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More on this topic

Nicaragua: Mortgage Fund for Homes

March 2018

The union of builders is proposing creating an insured mortgage fund, to provide financing for those who can not meet the requirements demanded by banks.

The Chamber of Developers of Nicaragua (Cadur) announced that the fund could start with an initial seed capital of $5 million. The objective of the fund is to finance the purchase of new homes, and to facilitate access to financing for workers in the informal sector or clients that receive remittances from abroad. 

$10 million In Deals at Real Estate Fair

February 2018

In the construction and housing fair that is taking place in Managua, developers plan to sell 250 homes, mainly of the multifamily type.

For this fair, the country's various banking institutions have $180 million available for  mortgage loans. 

Nicaragua: Optimism in Housing Market

January 2018

The construction trade union intends to sell around 6,000 homes in 2018, a figure which is 20% higher than the amount of units sold in 2017.

For the construction sector, the year starts with the Expo-Casa fair that will be held in February, 60 urban projects will be included in the event and it is expected that 250 houses will be sold. Representatives from the Chamber of Developers of Nicaragua (Cadur) estimate that during Expo-House around $10 million worth of mortgages will be sold, and for the sales projections of 2018 the amount of the credit could reach $170 million.  

Nicaragua: $11 million in Deals at Real Estate Fair

February 2017

300 homes were reserved at the fair and mortgages worth $11.5 million signed for construction and purchase of middle class and social interest housing.

Although the goal of 500 homes set by the Chamber of Builders of Nicaragua (Cadur) in the housing fair Expocasa, was not achieved, 300 homes were sold or reserved, and an estimated $10.5 million signed in mortgage loans with banks present at the fair.

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