Strengthening the housing market is a key item for the construction industry to consolidate the economic recovery of 4% recorded in 2011, noted the Salvadoran Chamber of Construction (CASALCO).
The union has decided to boost the campaign entitled “Your own home, wellbeing guaranteed” for six months. In this way, CASALCO is providing guidance on the requirements for buying a home, housing projects and steps to legalize properties.
"A house becomes the greatest asset that a family has throughout their lives", said Mario Rivera, president of CASALCO.
Source: laprensagrafica.com
More on this topic
August 2011
The restriction of loans for house purchase by banks, together with the lower demand for rentals is keeping the sector depressed.
According to estimates by the Salvadoran Chamber of Real Estate sales and rentals of houses have fallen by 40% since 2009.
An article in Elsalvador.com reports that José Ventura Salvadoran president of the Chamber of Real Estate (CSBR) said, "although the housing deficit totals 444,000 homes, according to the Department of Housing, 'restrictive policies and the strict criteria of the banks for loan approvals, even to customers who before the crisis were guaranteed approval, has reduced the number of Salvadorans who can afford a house. "
June 2010
Business unions complain that excessive red tape complicates the country’s economic recovery.
The Social Housing Fund has 93 projects pending authorization, including private and public initiatives.
The Salvadoran Construction Industry (Casalco), estimates that it takes 18 months to complete the required paperwork, stating that this adds considerable costs to any project.
June 2010
Salvadorans are gearing more towards renting homes, as buying real estate is becoming increasingly difficult, due to little credit and complicated paperwork.
Additionally, banks are lending little money to build new homes. According to Casalco (Salvadoran Chamber of Construction), home building loans have dropped 73.4% in the first quarter of 2010.
March 2009
There are 19 housing projects which would generate about 2,400 houses in different market segments that are stagnant.
Ismael Nolasco, executive director of the Salvadoran Construction Industry Chamber (CASALCO) detailed in Elsalvador.com: "Eleven projects are already in the process of analysis in the Multisectoral Investment Bank (BMI), which is responsible for "banking" the projects, meaning that it looks for funding options.
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