2003News

Housing sales fall by 60%

The lead article in today?s El Caribe reveals that housing sales have fallen by 60% over the past 12 months. Reporter Daniel Garc?a says that higher interest rates for developers and home buyers, which ranged from 18 to 38%, are stunting the market in a big way. At the same time, new price increases in cement (49%) and rebar (177%) have hurt the industry. Jos? Rodr?guez C?ceres, the head of the Dominican Association of Housing Construction and Development (Acoprovi), affirmed that housing sales have dropped due to the increasing costs, with prices now 15% to 20% more. To some extent, Rodr?guez C?ceres blames the exchange rate, since, in his words, ?This economic variable is the poor people?s worst enemy??