After hitting bottom in 2020 with a fall of 17%, it is estimated that the construction sector in Mexico will have a growth of 6% at the end of 2021, said Marisol Nicolás, director of Mortgage Banking at BBVA Mexico.

In an interview with #EnConcretoContigo, the executive highlighted that this year 62 billion pesos will be put in front of loans for home purchase, of which 44 billion pesos will be assigned to individual loans. For construction in this branch are more than 18 billion pesos; in other words, the objective is to grow in double digits.

"We see an active construction sector, with a closing of 6% this 2021 and considering that construction represents almost 8% of the Gross Domestic Product, we want to be part of this new movement to the economy," she stressed.

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He recalled that last year 30 thousand individual mortgage loans were granted and reiterated that this year 44 billion pesos will be placed in this area, while to support construction, approximately 16 billion were provided in 2020 and this 2021 they estimate that there will be 18 billion.

“We see the issue of housing as very active and leveraged and historically these (accessible) interest rates had not been had and the consumption of many families last year declined and this gives some savings to acquire a new home.

"All this is reactivating housing consumption and for this year, mortgage credit, within all the bank's portfolios, is the one that is showing the greatest dynamism, so we expect it to be a much better behavior than other credit portfolio" , indicated Marisol Nicolás.

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He reported that BBVA had been working until last year with 154 construction groups in the country and this year 14 new ones joined. She commented that the way to qualify their project is through seeing its viability, commercially analyzing how it is accepted and verifying that it has experience in the sector. The objective is to have information to know it and determine if they enter the group with the banking institution.

On the other hand, Marisol Nicolás highlighted that the construction loan, and more for housing, is carried out through a bridge loan, which is administered with a 65% cap on the project value.

“The advantage or benefit of this product is that it allows the builder or developer to minister according to the progress of the work and has a better management of the resource and guarantees the final construction product over time. And we have accessible deadlines and quite competitive financial conditions to accompany them throughout their construction process.

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