Unemployment and lower wages are holding back access to home loans.
The construction sector has decreased 39% compared to 2019 due to the pandemic. Which would represent USD 900 million in losses, according to data from the Internal Revenue Service (SRI).
Since its reactivation was ordered in September, only 50% would be operating. This is due to the fact that construction is highly dependent on public spending and, at the moment, the country is going through an extreme economic recession.
Henry Yandún, spokesman for the << Positive Builders >> union, expressed concern about this situation, to which he added the reduction in adequate employment.
The leader commented that the reduction in adequate employment would be in the order of 62 thousand, although 27 thousand jobs of this type have been recovered during this period.
He expressed that the loss of jobs and the reduction of salaries prevent users from having enough income to qualify for a mortgage loan at the Bank of the Ecuadorian Social Security Institute (BIESS) or at other financial entities.
He said that there is also a lack of speed in the procedures, especially in cities such as Quito and Cuenca, where sales are truncated due to cadastral and property registration issues. But despite this reality, small suppliers of materials such as cement, iron, glass, among others, have benefited by increasing their sales by 15% during the quarantine, since more than 50% of Ecuadorians made minimal improvements in their households.
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