The bank does not see any difficulties in the short term, although measures are foreseen if the system falls into stress.
One of the risks that can affect financial stability is the exposure of investors who allocate part of their savings to buying housing – with mortgage loans – to later rent them.
In front of a job shock, the leverage effect of these people, coupled with the inability to pay their tenants, can cause them to not pay their financial obligations.
For the above, the eyes of the square's main banks yesterday went to the exhibition of the Financial Stability Report (IEF) report which made the president of the central bank Mario Marcel in an event organized by the Banking Federation.
Marcel deepened his analysis on the local real estate market, rejecting the presence of a real estate bubble, as he assured that, although in the 21st century there was a rise in house prices "in recent years, it has tended to be measured".
He commented that although the amount of retail investors who have more than one mortgage loan has grown, it has tended to stabilize last time.
"These are elements that indicate that we can hardly characterize this as a real estate bubble," he said.
On the rise of people looking for real estate investments, said that "you have to worry that" at the time of the decision makes an analysis of your ability to pay ", not just assuming you have a stable lease over time but the incorporation of the risk-related risks ".
He insisted that the country should have a consolidated debt item because some non-bank loan providers "mark as a property of their products that their debts are not reported to the financial system."
From the banking sector, they emphasize that the credit policy in the country is individual and that the uptake policies vary between segments and according to investors' characteristics.
"Our market is advanced and has been sophisticated in having the ability to distinguish good credit in a way that is good for the customer who takes it," says José Manuel Mena, president of the banking association, adding that he does not see "None difficulty "in the short term, because" we have a very healthy portfolio ".
Of course, prior to any episode of stress, the union leader indicated that it would be necessary to resort to collection or limitation measures. "But we are talking about hypothetical scenarios and that both the levels of unemployment we know in our country today and other variables that can affect, such as interest rates, are at the best levels in the last few decades," he says.
Another aspect to consider in comparison with potential risks with real estate investments is the price. According to the Dean of the Faculty of Economics and Business at San Sebastian University, Francisco Labbé, the value of the lease is currently higher than the monthly payment of the loan in some cases, which is "not stable" financially.
"It will be corrected, and as a result, the people who have a certain number of apartments to rent will have problems in the future to pay," he explains.
Claudio Ortiz with Mario Marcel in an event yesterday.
Real estate income funds have increased sixfold in a decade
In addition to retail investors, in recent years there has been a strong entrance of investment vehicles in the residential rental segment. In general, income funds have seen rapid growth over the past decade, from $ 361 million of assets in 2008 to $ 2,463 million at the end of 2018, figures from the Association of Investment Fund Administrators (Acafi) program. ). In addition, there were three of the ten largest vehicles in the segment three years ago. Of course, the sizes are different. There are 32 funds classified as real estate rentals, of which only four have more than $ 100 million in assets managed, according to figures from Acafi.