Properties are being developed for residential use in El Salvador, the lots are located in different provinces, to facilitate access to housing for Salvadorans, with different typologies to accommodate families.
CentralAmericaData's Commercial section provides an up-to-date list of public and private construction projects that have submitted Environmental Impact Assessments (EIA) to the respective institutions in each country.
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. This scenario encouraged the implementation of telecommuting and forced companies to adapt to new forms of operation.
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%.
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.
Financing for housing and sustainable urban development will be the topics under discussion at the event to be held on August 22 and 23 in Managua.
The Chamber of Builders in Nicaragua and the Inter-American Housing Union are organizing the event, which will bring together professional financial real estate companies, developers and builders, banks and finance companies, savings and loans companies for housing, cooperatives, investors, and representatives of public entities.
The Social Housing Fund wants to revive the housing market by reducing interest rates for the purchase of new or used homes by 5.5%.
In the case of loans to public institutions for the purchase of new houses, the rates will drop from 6.05% to 5.50%, while for private loans for new houses, the rate will be reduced from 8.5% to 8 % for amounts ranging between $31,000 and $125,000.
The Social Housing Fund (Fondo Social para la Vivienda) in El Salvador will keep the interest rate for social housing construction at 6%.
Francisco Guevara, president of the Social Housing Fund (FSV by its initials in Spanish), explained that this was because the housing supply was less than expected due to red tape delays.
"Some housing projects suffered from lack of technical documents which were in the process of being drawn up, or awaiting inscription in the National Registry. This halted three projects", said Guevara.
The Social Housing Fund plans to provide $46 million in for housing construction, and another $44 million for purchasing a used house.
According to an article in Elmundo.com.sv this year, the Social Housing Fund (FSV) "expects to increase lending both for new and used housing. In addition, it will reinforce credit for Salvadorans abroad and other lines of financing they offer. "
A preferential interest law is being studied which would reduced by up to 50% the amount of the fees to pay for mortgage loans from private banks for the purchase of home.
Elmundo.com.sv reports that "The Salvadoran Chamber of Construction Industry (Casalco) is seeking to encourage the purchase of new houses through the creation of a preferential interest law, which would reduced by up to 50% payments for loans made by private banks. "