Panama mortgage loans continue growing and at the end of the last year 2013, the balance reached $10 billion. That means total this figure had grown by 30% during the last three years.
The portfolio of mortgage services at present time looks very diverse with many options for those who is thinking of buying a house. Among helping factors is the Preferred Interest Act. For the March of 2014 the total balance was at $10.296 billion, $9.041 billion for homeownership loans and $1.254 billion for commercial premises.
Another factor is the migration, which happens mostly from such countries as Venezuela and Colombia, as well as many other. There many multinationals now in Panama, this greatly increased demand for houses in local market. The growth appears to be in different segments, including medium and high prices.
The favorable outlook and liquidity of the banking system in the Republic makes the trend even stronger. Supply of new residential project added sustainability of mortgage system push the demand even further.
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