Monday, 23 November 2020

Housing Loans Up 21% in Costa Rica

Photo MAYELA LÓPEZ , La Nacion
Photo MAYELA LÓPEZ , La Nacion

COSTA RICA NEWS — Between October 2013 and September 2014 the average number of home loans given out per month was 2,659, 21% more than in the same period in 2012/2013.

According to the Superintendencia General de Entidades Financieras (SUGEF) – Superintendent of Financial Institutions, the average amount of loans per customer amounts to US$46,694, for buying lots or homes.

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Ronulfo Jiménez, economic adviser to the Costa Rican Banking Association, “… said the average amount borrowed was $46,000 minimum, compared to prices in the local market. He added that this can be explained by the fact that many lending operations are complemented with a housing subsidy, which reduces the average amount. ”

Nacion.com reports that “… In Costa Rica 26,743 mortgage loans were formalized in 2013, while between January and September the figure was 24,118. The amount of money lent by banks has maintained a trend of increasing the average amount over the past five years. ”

Source: Nacion.com – Más ticos acuden a los bancos para financiar lote o vivienda

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