JMB Reports Increase In Loans To Private Housing Developers

The Jamaica Mortgage Bank (JMB) has reported an increase in loans issued by the bank to private housing developers between 2011 and 2014.

Director of Business Operations at Jamaica Mortgage Bank, Hecton Hemans, said the bank disbursed between $424 million and $699 million to finance projects between 2011 and 2014.

“The funds were used to undertake the development of between 77 and 249 housing units during the period,” Mr. Hemans informed JIS News, during a ‘Think Tank’ on December 9.

According to the latest issue of the Social and Economic Survey Jamaica, during 2013 the major mortgage agencies, National Housing Trust (NHT), Jamaica National Building Society (JNBS) and Victoria Mutual Building Society (VMBS), issued over 17,300 mortgages at a value of $37.68 billion. This represented increases of 48 per cent and 31 per cent in volume and value, respectively.

Meanwhile, Mr. Hemans outlined that the construction sector contributed $90.3 billion or 7.1 per cent to the Gross Domestic Product (GDP) in 2013. He also added that the sector employed 83,000 or 7.5 per cent of the labour force during the same period.

The Jamaican mortgage market is served by building societies, NHT, credit unions and to a lesser extent, life insurance companies.