Panama is one of the top three places in Latin America for living, according to a survey made by Corporate Resources Group, and one of the four best countries in the world to live outside the United States. The latter points out the American Association of Retired Persons and the International Living. However, many people wonder: Why invest in social projects in Panama? In our article today, we will take a look at all the advantages of Panama as a country and what makes some sectors as ideals to perform works of social interest.
Low budget projects in Panama – Gogetit Highlights
- Panama enjoys a stable government, democratically elected. It also has the largest free zone in America to import, export and reexport: The Colon Free Zone.
- Panama’s economic performance is, year after year, better than most other countries. For 40 years, the inflation rate of Panama, had a lower average of 2% per year.
- Panama has more amenities than traditional retirement locations in Mexico or Costa Rica, but the costs and crime rates are much lower.
Currently, the Government of Panama and its laws, encourage foreigners to invest and live here. Panama offers attractive residency programs, where if you are in the country as a resident and purchase or construct houses, property taxes are not paid for 20 years.
As for social housing, have begun making progress in this situation. The Ministry of Housing, has studies indicating that housing deficit is higher in the province of Panama, with 67,000 housing units, followed by the province of Colón, where 14,000 units are needed. Moreover, the province of Chiriqui, requires 12,500 units and the province of Veraguas, requires 7,500. In total, Panama has identified a shortfall of 170,000 housing units.
Importantly, in Panama, social interest mortgages have a finance up to 100% live with banks for homes of up to U.S.$ 50,000. They offer a 0% interest the first 15 years and an average monthly payment of U.S.$ 180. In addition, the current government provides a supportive housing allowances for U.S.$ 10,000.
For several months, has been carrying out the construction of a new project of social interest in Chiriqui. This province was chosen because it has the second fastest growing city, and is near to Costa Rica. While Chiriquí doesn’t have major buildings such as Panama City, the real estate demand is big. Since early 2015, the rehabilitation and expansion to four lanes of the Carretera Panamericana Santiago-David began, allowing this province beign more accessible.
The project of social interest that is taking place in Chiriqui is known as David Project. Urban development is projected to social housing. The price of houses is estimated at US $ 50,000. The first stage will feature approximately 184 houses of 200 square meters each, and water treatment plants. The project was developed in four stages of construction, distributed in 45 homes for the first stage, 45 homes for the second stage, 45 homes for the third stage and 49 dwellings for the fourth stage.