SANTO DOMINGO –Low levels of access to credit for home purchases are being recorded for women, informal workers and people of lower-middle income in the Latin America and Caribbean region, so greater participation of banks is required to reduce the levels of housing deficit in the region, the Inter-American Investment Corporation (IDB Invest) stated yesterday.
“Despite the efforts of the financial sector, we continue to see low levels of financial penetration and less access to housing among people with middle and low incomes, even though the supply and demand for quality housing has increased,” said Aitor Ezcurra, head of the corporate division at IDB Invest.
He explained that investment in sustainable housing models will reach $16 trillion by 2030, a context that will encourage the private sector to adapt its business model to new resilient housing solutions as an alternative to the housing deficit facing the region.
Ezcurra raised the trend of investment in housing at the 2022 Housing Forum: Solutions to reduce the housing deficit in Latin America and the Caribbean, held by the IDB Group in Washington, in a hybrid format, with the participation of some 40 experts on issues related to the housing sector.
During his presentation, Ezcurra reported that Latin America and the Caribbean have one of the highest rates of urbanization. “Between 2000 and 2030, the urban population will increase from 400 million to 600 million, a rise that will increase both the supply and demand for housing in the region,” he said.
The IDB Invest representative affirmed that the role played by private companies, and especially the financial sector, is crucial in closing the gap in access to decent, quality housing. “This is particularly important to meet the growing demand in the region for sustainable and climate-resilient housing.”.
He went on to say that the housing sector is of great importance to the sustainable development of the region and that its effects have a high impact on other areas that drive the economy.
Source: Diario Libre
