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Banking

Mortgage Loans in Mexico Seen To Expand 17 Pct Y/Y 2006

El Universal - Mexico, AII Data Processing Ltd.

Mortgage loans in Mexico are seen to rise 17 pct year-on-year in 2006, representatives of Mexican real estate companies and mortgage lenders said on November 20, 2005 in Madrid, at a Forum of Latibex index trading companies.

In 2006, the housing construction figures in Mexico are seen to top 750,000 units. All construction and real estate companies' directors said that the sector would keep growing in 2006 and that the presidential elections in Mexico next year would not have an impact on the sector. The managers agreed that the state owned mortgage lender Infonavit should maintain its mortgage lending strategy.

Over 90,000 households are expected to profit from the mortgage lending in 2006, according to figures of Mexico's banking association, Isidoro Sanchez, executive director of the mortgage unit of local bank Santander Serfin, said.

Mortgage loans in Mexico increased from 16,000 contracts in 2003, to 34,000 contracts in 2004 and are expected at 60,000 in 2005, Sanchez added.

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