The role of nonmortgaged transactions in the housing market currently is important and particularly relevant to the Central Bank as the macroprudential authority: while the share of non-mortgaged buyers has declined slightly between 2016 and 2017, it stands currently at 55 percent.4 Analysis published as part of our 2017 review of the mortgage measures, which put ceilings on loan to value (LTV) and loan to income (LTI) ratios on new mortgage lending, suggests that the growth in house prices is not linked to unsustainable increases in mortgage credit allocation.
In sub-Saharan Africa, for example, economic growth is projected to minimally slow from 6.9 percent in 2007 to 6.3 percent in 2008. In 2009 there is an expectation of a slow recovery to 6.7 percent, due mainly to the relative macroeconomic stability in many of the SSA economies.