International experience suggests that there is a strong causal link between housing demand, housing finance, financial sector development and economic growth. Yet, a housing market cannot flourish without mortgage finance, which allows all but the poorer segments of the population to purchase, expand or improve their homes, or to use the equity in their homes for other purposes, such as major purchases, college education, travel or investment. There is now growing recognition of these connections among policy-makers in developing and transition countries, and among international development donors who wish both to strengthen financial markets and to improve the economic well-being of citizens in their client countries. This paper provides an overview of the constraints and opportunities for condominium housing and mortgage lending in emerging markets.
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