25% Increase in Mortgages Signals Housing Boom

The PIOJ says the total value of mortgages has significantly improved in the April to June quarter.

The latest figures show an almost 25-percent increase in mortgages to almost $16-billion.

Of that number, the total value of NHT mortgages increased by over 111 percent in the quarter to $11-billion.

PIOJ Director of Economic Planning, James Stewart, says this reflects an up-tick in housing developments.

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James Stewart, Director of Economic Planning at the PIOJ.

The PIOJ says despite a seemingly low out-turn in construction of just over 1-percent the sector is actually doing quite well.

PIOJ Director General, Dr. Wayne Henry, says the seemingly low growth is a reflection of construction inputs being mostly imported which lowers their value added.

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However, he says the gains will be fully realized once the projects are completed.

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Dr. Wayne Henry, Director General of the Planning Institute of Jamaica.

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