The Central Bank of Peru reported that mortgage credit for home purchases increased 5% in 2024, taking the outstanding balance to PEN 70,195 million. The expansion was mainly driven by mortgages denominated in local currency, which grew 6% over the year. On a monthly basis, total mortgage credit rose 0.2% in December 2024, supported by a 0.3% increase in soles-denominated lending. The central bank also highlighted continued low dollarization in this segment, with 7 out of every 100 mortgage loans in December 2024 granted in US dollars and the remainder in local currency, reducing households’ exposure to exchange-rate fluctuations.
Central Bank of Peru 2025-01-27
Central Bank of Peru reports mortgage credit rose 5% in 2024 to PEN 70,195 million led by local-currency lending
The Central Bank of Peru reported a 5% increase in mortgage credit for home purchases in 2024, reaching PEN 70,195 million, primarily driven by a 6% growth in local currency-denominated mortgages. In December 2024, total mortgage credit rose 0.2%, with soles-denominated lending up 0.3%. The bank noted low dollarization, with only 7% of mortgage loans in US dollars, minimizing exchange-rate risk for households.