THE DECISION of some households not continuing with the purchase of their homes and giving up the dream of being owners, begins to have a new course that will encourage the acquisition in the second half of the year.
According to the president of the Oikos Group, Luis Aurelio Diaz, during the first half of 2023 the high rates and the lack of clarity of the subsidies led buyers to postpone the purchase. “However, the situation is beginning to clear up, thanks to the announcements by financial institutions about the reduction in interest rates for mortgage loans and the news about the good performance of the subsidies from the compensation funds. To this we must add greater clarity about the future of the Mi Casa Ya subsidy, with which the Government hopes to consolidate the adjustments for the second semester,” Díaz said.
In the case of financial institutions, the fact that their rates for long-term loans are lowering “is great news for buyers, whose homes will gain a high appreciation; In addition, they will ensure financing that will allow them to close financially”, highlighted Díaz, who added that “after the uncertainty that we experienced in the first half of the year, what follows in the next 6 months is that there will not be a more profitable investment and safer than home. We will even go back to the times in which credit installments were equal to or less than the cost of leasing a property”.
Regarding the risk implied by high interest rates and inflation for large real estate businesses, and its consequences on social programs and subsidies, the manager pointed out that high mortgage rates are the ones that have the greatest impact on the economy and the construction sector. . In fact, buyers finance the investment through banks in about 80%; that is why they are so sensitive to increases.