The New Middle Class in Panama
Along with the pace of strong growth in the Panamanian economy in recent years, so too is growing a new middle class who are driving consumption.
Tuesday, July 12, 2011
Homes and cars are the main investment goals of the new Panamanian middle class. For the first objective, the government plans to establish subsidies with the Preferred Interest Act, which pays 4% market interest rate on home purchases up to $65,000. If the market rate is 6%, the customer will pay 2%, and the state pays the other 4%. For households from $65,000 to $ 80,000, the subsidy rate is 2%. In this price range people buying are those who work in banks, industries, business and the health sector, whose household incomes are above a thousand dollars a month. With a monthly income of more than $350, middle class citizens are able to buy a $30,000 home.
The areas where most of the developments planned by the National Housing Promoters are located are Panama City, San Miguelito, Arraiján and La Chorrera.
Future consumption in Guatemala is being shaped by growing urbanization and a very young demographic structure.
Extreme global urbanization will not slow in 2012, and the base of the urban consumer pyramid, the "citysumers", will broaden.
$70 million loan to finance subsidies for low income households.
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