The Fondo Mivivienda (FMV) of Peru has recently announced its goal to place 15,000 housing units by the year 2024, benefiting approximately 54,000 people. However, changes in financing policies have had an impact on the real estate sector.
One major change is that the program will no longer provide funding for mortgage loans for properties of a certain value. Financial institutions now have to apply for risk coverage, making the process of acquiring housing more challenging. Additionally, the amount of the Bono del Buen Pagador (BPP), a government subsidy for homebuyers, has been reduced for certain valued homes. These sudden changes have left the private sector of the real estate industry perplexed.
As a result of these changes, at least 475 housing projects have been affected, impacting approximately 12,734 real estate units with an average value of S/407,000. Furthermore, interest rates could increase by up to two percentage points, making it more difficult for many customers to access housing.
This situation has a significant impact on the formal housing market, as housing production generates tax revenue and contributes to the economy. Additionally, Peru has a quantitative housing deficit of around 600,000 units, making it crucial to maintain a solid housing financing program.
These changes in financing policies are expected to delay home purchase decisions by Peruvians and increase the housing deficit. Measures need to be taken to reduce this deficit and ensure more equitable access to housing in the country.
– Fondo Mivivienda (FMV)
– Asociación de Empresas Inmobiliarias del Perú (ASEI)
– Banco de Crédito