Housing slows rhythm

[NewsWhore]

House and apartment sales have declined by 60% in recent months, according to a report in Hoy. The pace of construction has also slowed by 50% over the same period of time. Nevertheless, Jaime Gonzalez, president of the Constructors and Housing Promoters Association (ACOPROVI), says that real estate sales have maintained a steady pace in tourist areas around the country. The decline is attributed to increases in builders' costs that have translated into higher housing prices. The price of cement has gone from RD$180 per bag to RD$240 per bag while the price of a quintal of metal bars has gone from RD$1,400 to RD$2,700. Industrialists say that the increase in fuel prices in relation to product costs is disproportionate because if fuel increases by 5%, product prices increase by 10%.

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