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MEF: “The prospects for the housing market in general are unfavorable”

MEF: “The prospects for the housing market in general are unfavorable”

The Ministry of Economy and Finance (MEF) recently updated its forecasts for the Peruvian economy and cut growth for this year to 2.5% from 3.5%. In addition, it revised downward several economic sectors, including the constructionof which it is expected to only grow 0.5% and no longer 2.3% as estimated in August 2022.

With this lower estimate for the construction sector, the MEF, through its Report on Update of Macroeconomic Projections (IAPM) for the period 2023-2026, recognizes that “the outlook for the housing market in general is not very favorable“. According to the Government, this is due to the fact that real income is still gradually recovering and this weakens demand, to which are also added some supply restrictions in Metropolitan Lima, such as fewer permits for construction that are taking place in some top districts to avoid a higher density.

However, the social housing segment would maintain its dynamism as a result of the Government’s measures. So for this year The Mivivienda Fund has set the goal of achieving 15,600 credit placements for an amount of around S/2,500 millionfigures that would exceed the levels reached in previous years.

“In 2023, the credit goals myhome and the family housing vouchers (BFH) of the Techo Propio program would exceed the levels reached in previous years, in line with the allocation of greater financial resources for the Techo Propio program and the optimization of the placement channels of the Mivivienda credit“, refers to the IAPM.

According to the document published by the MEF, it seeks to implement strategies between 2023 and 2026 to achieve the goals proposed by the Mivivienda Fund. In detail, new self-sustaining business lines will be developed for the acquisition, construction and improvement of housing. In addition, the decentralization of social housing projects and their financing will be promoted through work groups with the financial entities with anchor line.

Resources for social housing

It is important to mention that the Ministry of Housing, Construction and Sanitation (MVCS) transferred S/1,060 million in favor of the Mivivienda Fund to grant the Housing Family Bonus (BFH) of the Techo Propio program and the Good Payer Bonus (BBP) of the New Mivivienda Credit.

Meanwhile, for Techo Propio, S/890 million were allocated for the modalities of construction on its own site and acquisition of new housing, which will benefit low-income families. On the other hand, S/170 million were transferred in order to finance the disbursement of the BBP of the New Mivivienda Credit.

Source: Larepublica

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