FOREIGNERS MORTGAGES IN PANAMA GROW 32% LAST YEAR
LA PRENSA NEWSPAPER ARTICLE – FRIDAY 22 OF FEBRAURY OF 2009
The number of foreigners obtaining mortgages in Panama is growing at a very fast rate. According to the Panamanian Chamber of Construction (CAPAC) 850 mortgage loans were given in the first semester of 2007 – which represents 32% more compared to the same period in 2006.
(Malibu Beach Resort – Panama)
Although mortgages cannot give a complete idea of foreigners purchasing real estate in Panama – since many prefer to pay cash – they are a good indicator of the impact of the construction boom.
“These 850 mortgages only represent 6.8% of the total amount given in this period, but if you compare it to the borrowing amount - $162.5 million – this represents 31.4% of the total amount of mortgages given” - according to Michael Fernandez who is the economic director of CAPAC.