Sunday 26 September 2021

Housing Loans Figures: Costa Ricans Borrow More To Build Homes

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(QCOSTARICA) In a report by El Financiero reveals that 38% of total bank lending in Costa Rica corresponds to housing construction, while 35% is used for buying new homes.

Data from the housing loan portfolio in the domestic financial system shows that the proportion of loans requested by Costa Ricans to build their homes is higher than loans used to buy existing homes.

Elfinancierocr.com explains that “…The Costa Rican financial system has a balance of credits which were used for housing amounting to ¢4.6 billion. This amount represents 25% of all outstanding loans in the country (¢ 18 billion). For housing construction, the balance is ¢1.75 billion and, for the purchase of new homes, it is ¢1.62 billion. Both lines represent 73% of the total.”

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The portfolio by the numbers:

  • 38% borrow to build a house
  • 35% borrow to purchase a hew house
  • 21% borrow to purchase an existing house
  • 7% borrow to make repairs and other improvements

The figures from the Superintendent of Financial Institutions (Superintendencia General de Entidades Financieras – SUGEF) show that the housing finance portfolio grew by 12% between July 2015 and December 2016.

“… All types of loans that make up the portfolio have fed this increase except for those for constructions for non-com

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