Panama mortgages reach the $4.85 billion mark

Panama financial weekly Martes Financiero http://www.martesfinanciero.com/

features a series of articles on real estate. Interesting numbers
tell us that:
* The first half of 2007 closed with $4.85 billion in mortgages, led by Banco General ($0.98), Continental ($0.59, later acquired by General), HSBC ($0.55), Banistmo (acquired by HSBC), and Banco Nacional ($0.51).
* They are followed by Caja de Ahorros ($0.45), Scotiabank ($0.20), BBVA ($0.18), Banvivienda ($0.17) and Credicorp ($0.09).
* Risk analysts point out that banks have increased their mortgage exposure from 15 0/0 in 2003 to 21 0/0 in 2007.
* Despite the real estate boom, Panamanians face a housing shortage of 160 thousand homes, down from 178 thousand in 2006.
* A square meter of Pacific beachfront costs $2,300.00.
* Investment by developers in Altos del Maria is of $20 million.
* Investment by developers in Malibu will be of $400 million for 1200 houses and 800 condos, with 80 o/o destined to the foreign market.
* In San Francisco, the price of a square meter of land ranges between $800 and $1500, while in next-door Parque Lefevre they range between $200 and $900. Middle-class Pueblo Nuevo has parcels between $80 and $120 a square meter.
* The 2004 Panama Structure Regulations increased the anti-seismic features - along with the cost - of high-rises.
* Monthly salaries of construction workers range from 2 times the $300 minimum wage to $1200.
* Inmobiliaria San Felipe has 83 shareholders and has restored 50 apartments and 13 commercial spaces in Casco Viejo, for $6 million since 1995.
* Inmobiliaria San Felipe has 30 proyects in the pipeline and is planning its IPO.
* The price of the square meter of land in Casco Viejo has increased from $1000 to $2400, due to the demand from foreigners.
* Foreign competitors entering the market are Shyreen Deer Company under Kurt Kisto with a $30 million investment in units of $50K and Adsum Group with an $18 million office building sold at $2,200-2,600/ square meter.
* Only properties with occupation permits registered before August 31, 2007, qualify for 20 year property tax exemptions. Others have lower tax holidays of 15 years or less.

The full text is available in

http://www.martesfinanciero.com/history/2007/09/04/index.shtml