Despite the fact that housing construction activity slowed down with the pandemic, the banking sector continues with a high demand for loans, so it is expected that in the following months a recovery in built properties will be achieved.

This is how Gregorio Sánchez Hernández, Corporate Business Director of Banco Inmobiliario Mexicano (BIM) considers it. Since the figures of this financial institution show the dynamism of the sector, due to the placement of bridge loans.

These tools help finance up to 60% of the cost of real estate projects with the option to pay it in 42 months, which helps give the opportunity to market the work to have the resources to pay off the debt.

Of this type of mechanism, BIM set itself a goal in 2021 to place 9 billion pesos, which is equivalent to 12 thousand homes on average; and in August they already show an advance of 60%, with 5 thousand 400 million pesos.

Of interest: Infonavit will present 23 mortgage credit products

It is expected that in the last part of the year the goal will be reached since historically the second semester is always stronger.

However, at the banking system level, the development of real estate with this type of credit is still 4.3% lower, but it is expected that at the end of the year a recovery will be seen, as happened last period.

The BIM executive declared that they have gone from an investment of 48 billion in June 2019 to 67 billion in June 2020. Therefore, they consider that there was no effect due to issues of the pandemic.

The economic reactivation and facilities for developers - for example, in CDMX the procedures are facilitated if they begin to build immediately - have been elements that promote the use of these financial tools, but also the reduction of interest rates, which have gone from 12.3% in December 2018 to 8.2% in June of this year.

Check here: More options available to young people to access mortgage loans

Another element that favored was the bridge loan used to build the houses that are going to be sold and fortunately when there was an issue of public institutions that consume the mortgages of this country they were very active so far this year we have observed a growth of 4% in BIM and 11% compared to Fovissste.

The financing figures in the future will translate into homes built. Those of BIM are concentrated in the middle and middle residential segment, as well as in tourist areas.

Gregorio Sánchez comments that opportunities are needed to build low-cost housing, so the next step for developers in their massive projects is this segment, so there will be an increase in the following months.

In Solili it locates apartments in Monterrey and Guadalajara

Original note