El Salvador property market hit by USA turmoil

8 May 2009

The property market in El Salvador has come to a virtual halt, on the back of the US economic crisis.

The country’s property sector, which experienced a boom between 2000 and 2008, is heavily dependent on Salvadorians based in the USA. But demand has slumped due to the USA property and economic turmoil.

Housing projects across the country have now been cancelled, owed in part to a reduction in funding from banks, according to the Salvadorian Construction Industry Chamber, CASALCO.

El Salvador’s economy and housing market is extremely dependent on the US, with over half of all exports shipped to the States. But it is now feare that the proportion of inhabitants living in poverty will soar unless the economy improves in the short-term.

See Also: El Salvador

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