The increase of more than 5% in the cost of construction and the revaluation of land in the capital, has made the social housing segment unprofitable for builders.
"In its projections for 2013, the National Housing Council (Convivienda) a guild that brings together the leading companies involved in the construction of family units will build 8,206 dwellings (houses and apartments) with a total investment of approximately $800 million. In this calculation there are no projects below the $35,000 mark", reported Prensa.com.
Consulting firm Indesa lowered its forecast for panamanian economic growth; its was at 5.7% in December.
According to a note published on prensa.com: "I am inclined towards the pessimistic projections, around 4%. In a situation like the current one, unemployment could increase to 5%,' Guillermo Chapman, president of Indesa, said yesterday."
The consulting firm Indesa forecasts that bank interest rates and bond rates will decline this year but will rise again in 2009 and 2010.
According to data that the firm has analyzed from Panama's Office of the Superintentent of Banks, the average interest rates for Panamanian bank bonds was 4.76 percent in 2007 and those of foreign banks was 4.33 percent. Indesa economists are saying these averages will fall to 4 percent and 3.25 percent.
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