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.
In Panama there will be an increase to $40,000 on the price range of homes that will benefit from 100% preferential interest loans.
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 .
In Panama the scheme which provides financing with preferential interest rates is a major factor in the growth of mortgage loans.
Legislation in El Salvador proposes preferential interest rates for the purchase of new housing with costs between $15,000 and $60,000.
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