(TODAY NICARAGUA) In Nicaragua construction of affordable housing grew by 123% in the first quarter compared to the same period in 2014, and represented 30% of projects in the sector.

On average affordable houses being built in Nicaragua are 60 square meters or less, with a basic design and a total cost of less than $30 thousand, according to data from the Nicaraguan Chamber of Construction (CNC).

The business of building houses for low-income families has increased in recent years in Nicaragua, driven by better access to bank credit, coupled with better pay for low-income workers.

Added to this is the housing deficit which is still high in the country. According to the Central Bank of Nicaragua, there is “… a housing deficit of over 900,000 homes.”

Rodrigo Pereira, president of the Nicaraguan Chamber of Construction (CNC), said in an article on Elnuevodiario.com.ni that “… ‘The growth of popular housing this year in the first quarter was 125,200 square meters of construction, compared to last year when it was 56,000 square meters.’ ”

Source: elnuevodiario.com.ni