Number of housing loans have grown by more than 20% in 12 months
December 2nd, 2014 (InsideCostaRica.com) More Costa Ricans are taking out bank loans towards the purchase of homes and lots, according to an assessment by the daily La Nacion based on data provided by financial regulator, SUGEF.
For the twelve months ending in September, financial institutions have granted an average of 2,659 housing loans per month, an increase of 21% compared to the twelve months previous.
Bankers credit lower interest rates and the increased availability of longer-term loans for the increase in demand.
The average loan is ¢25 million, according to SUGEF data.
Despite the increased demand for housing loans, the demand for loans related to commercial real estate has decreased continuously since January 2012.
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