Argentina boosts its housing market with loan programs

Global Business

Argentina boosts its housing market with loan programs

In Argentina, a new program began to help young people start the process of buying their first home with the help of government subsidies.

It’s the latest in a series of credit and loan packages aimed at boosting the real estate market in a country where economic instability often deters people from taking on credit.

CGTN’s Joel Richards reports.

A real estate boom is taking place in Argentina. In the past year, there’s been a nearly 50 percent increase in house sales in Buenos Aires. What’s behind the surge?

Last year, a tax amnesty program was unveiled and billions of dollars of undeclared funds, mostly from abroad, entered the system.

Then the government announced a series of credit and inflation-adjusted loans that help people get on the housing fast track.