Love from afar, love of...

20.03.2023

News

Love from afar, love of...

In Panama, for some strange reason it seems that we dream of 2004, we dream of the return on investment, deposits and foreign migration, leaving the local real estate consumer waiting to be made an offer that he cannot resist.

The local real estate consumer is like a suitor who woos a A versatile and capricious local offer, an offer that resembles that girl with a few years on her hands who never stops dreaming of her prince charming who will take her out of her Creole reality.

However, every day it becomes clear that the local consumer is not a simple but nothing, it is the right partner for the local supply (with an 18% oversupply of new middle- and upper-middle-class homes) ... it is enough for the latter to lower its expectations and land in reality. A reality marked by a labor market where 48.2% generate their income without paying taxes, or social security, and are probably not banked.

A reality where the median monthly salary is around $720.00. A reality where mortgage rates are around 8% and a significant part of the middle class had to renegotiate their debt with rates that exceed 8%, thus affecting their ability to consume. A reality that none of the public or private players in the market have taken pity on and in the face of such an unpromising prospect, it is understandable, after all, the wait for the foreign prince charming.

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