Low-cost construction to mitigate crisis

The low-cost housing market is becoming more attractive in Panama, and is aided by the preferential interest rates for new homes with a cost that is lower than $80 thousand.

Wednesday, January 16, 2008

According to the article in La Estrella (www.laestrella.com) "the head of the Ministry of Housing (MIVI), Gabriel Diez, proposes that they direct future construction towards projects that are within the margin of preferential interest rates.

Diez said that the construction geared towards foreign companies is the one that will be most affected by the crisis, "while houses for Panamanians continue to be an attractive market."

More on this topic

Increased Limit on Preferential Interest Rates for Housing

January 2013

In Panama there will be an increase to $40,000 on the price range of homes that will benefit from 100% preferential interest loans.

A statement by the Presidency of Panama reads:

Cabinet approves homes costing up to 40 thousand dollars to have 100% preferential interest

Preferential Interests Rate on Housing up to $80,000

August 2013

The Panamanian Congress is debating a bill which would raise the ceiling for home purchase loans with preferential interest rates of 4% to $80,000 .

From a press release issued by the Ministry of Economy and Finance in Panama:

The law, which amends the second tranche of preferential interest rates for home loans home valued at an amount of between $40,000 to $80,000, was approved in its first debate in the Committee of Economy and Finance of the National Assembly.

Real Estate Sector Takes Advantage of Preferential Interest Rates

November 2013

In Panama the scheme which provides financing with preferential interest rates is a major factor in the growth of mortgage loans.

With the enactment of Act 3 of 1985, which established a system of interest rates in certain mortgage loans, residential mortgage financing has shown good performance. It has also supported the construction sector as a way to reduce the housing deficit in the country.

Incentives for Housing Construction Proposed

June 2009

Legislation in El Salvador proposes preferential interest rates for the purchase of new housing with costs between $15,000 and $60,000.

The Salvadorian Chamber for the Construction Industry (Casalco) presented to the Legislative Assembly a government bill that would encourage low-income families to purchase new housing in the range of $15,000 to $60,000.

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