During Q3 2019, the new home sales in the Lima Metropolitan area are expected to have grown by 9% compared to the same period in 2018. This performance is partly explained by the more credit allocated through the government program MiVivienda (mortgages for the purchase of homes between 60,000 and 420,000 soles). This segment grew by 49% in the period from January to August 2019, in comparison to the same period the year before, its highest rate in 9 years. Additionally, the attractive interest rates for mortgage credit implied an extra boost for home sales.
For the remaining months of the year, home sales–in a context of moderate rates of employment and formal income growth–will stay dynamic and grow by 7% (around 4,000 homes during Q4 2019). This means 16,400 homes are expected to have been sold in 2019, its third year of consecutive growth, although it’s still below the record sales of 22,000 homes registered in 2013.