This story gives us some interesting statistics on foreign buyers in Panama using mortgages from Panama Banks. As was pointed out in an earlier post, the number of mortgages being placed for local home buying is much greater. Even though foreigners represent only 6.8% of the total in number of loans, they represent over 30% of the dollar amount due to the prices paid for the properties. These statistics are amazing when you consider this foreign buying phenomenon has only been around for a few years.
The number of mortgages granted to foreigners is galloping ahead. According to statistics from the the Cámara Panameña de la Construcción (Capac), foreigners took out 850 mortgages in the first six months of 2007, 32 percent more than during the same period in 2006. Although these figures don’t give a complete picture of home buying by foreigners in Panama (many paid in full for the properties they acquired), they do suggest the impact they are having on the real estate market.
Those 850 mortgages represent only 6.8 percent of the total, but if you look at their dollar amount, they add up to around $162.5 million, which represents 31.4 percent of the total monetary value, said Michael Fernández, Capac's economic director.
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