Fewer loans by the Public Corporation for Housing
The Public Corporation for Housing (PCH) approved 4,600 loan applications, worth $544 million in 2015. The number of loans dropped by eight percent and the value by 16 percent, compared to 2014.
The value of loans averaged $122,000. Rony Lahoud, Chairman of the PCH, said: “Most applications are for small apartments in Mount Lebanon.”
The PCH’s market share is half of the total housing loans given. The Housing Bank-Banque de l’Habitat, which gives Central Bank (BDL) subsidized loans and commercial banks constitute the remaining half.
Demand for PCH loans shot up 100 requests in the first quarter of this year. Lahoud said: “This is a significant increase as in March alone we received 516 applications. We expect activity to pick up this year, because the first quarter looked promising.”
Reported by Yassmine Alieh
Date Posted: Apr 12, 2016