14:44 | Lima, May 04 (ANDINA).
The real estate sector in Peru will maintain its strong growth for another 15 to 20 years, mainly driven by the ongoing construction boom in the Andean country.
This estimate was made by the Unión Iberoamericana de Trabajadores de Edificios y Condominios or UITEC (Latin American Union of Workers of Buildings and Condominiums).
"Our country for several years has been experiencing an impressive real estate development and this growth is expected to continue for about 15 or 20 years," said UITEC.
In a press release, the union said that this growth is driven by Peru's booming economy and mainly by the unmet demand for housing in the country, especially in Lima.
Citing data from the Peruvian Chamber of Construction (Capeco), UITEC estimated that 50,000 new homes need to be built every year.
According to the union, at present between 20,000 and 25,000 homes are being built, and more than 90 percent of them are apartments.
(END) JJN/GCO/EEP
Published: 5/4/2013