Housing in Peru to grow over 20% this year

LIMA: Peru's President Alan Garcia said the housing sector could once again become one of the "most dynamic" components of the economy with estimated growth of over 20% this year.

"Last year was good, but I am convinced that this year will be better because we can exceed 20% annual growth in the housing sector," he said after inspecting work on the construction of the Villa Club housing project in Lima's Carabayllo district.

Garcia said it will be important to maintain economic stability without devaluations and high inflation rates as well as employment generation that enables families to have resources to purchase homes.

He said the Ministry of Housing provides resources such as the "Good Payer Bonus" or "Techo Propio" resources which allows for lower payment.

"The important thing is that you can buy your house and within two years, you can sell it at a much higher price, thus you have capitalised on his family," he said.

Garcia also highlighted the growth in cement production which reflected increased housing demand in the country. — Bernama