Macro-economic Data

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    A. Demography and Macroeconomy

    A.1 Population
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Total population4.18 million4.11 million4.04 million
    WDI
    		A.1.1
    Urban population (% of total)67.71% of total67.37% of total67.03% of total
    WDI
    		A.1.4
    Urban population growth (annual %)2.2%2.21%2.21%
    WDI
    		A.1.5
    A.2 Economy
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    GDP, current prices (U.S. dollars)66,031 USD (millions)61,838 USD (millions)57,821 USD (millions)
    WEO
    		A.2.1
    GDP based on PPP valuation of country GDP (Current international dollar)111,432 USD (millions)104,113 USD (millions)96,976 USD (millions)
    WEO
    		A.2.2
    GDP per capita, current prices (U.S. dollars)15,877.48 USD 15,089.35 USD 14,322.58 USD
    WEO
    		A.2.3
    GDP based on PPP per capita GDP (Current international dollar)26,794.36 USD 25,405.07 USD 24,021.67 USD
    WEO
    		A.2.4
    GDP, constant prices (Percent change)4.6%5.36%4.99%
    WEO
    		A.2.5
    Inflation, end of period consumer prices (Percent change)2%.48%1.46%
    WEO
    		A.2.6
    GDP, deflator (Index)156.03154.88151.79
    WEO
    		A.2.7
    Consumer price index122.50121.58120.52
    WDI
    		A.2.8
    GINI IndexNot available49.9050.40
    WDI
    		A.2.9
    Growth in urban household income (%/year)A.2.13
    Employment (% of total laborforce)A.2.14
    Informally employed43.6%40.8%40.2%
    INEC
    		A.2.14.2
    Unemployed6%6.1%5.5%
    INEC
    		A.2.14.3
    Interest Rates:A.2.15
    Average bank deposit rateNot available2.16%2.12%
    IFS
    		A.2.15.4
    Lending rateNot available7.52%7.53%
    IFS
    		A.2.15.5
    B. Housing Market
    B.1 Housing Stock: Production, Transactions
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Number of dwelling units:B.1.1
    Total  1.06 million
    INEC
    		B.1.1.1
    Total Urban  .69 million
    INEC
    		B.1.1.2
    Percentage of vacant units  8.18% of total
    INEC
    		B.1.2
    Characteristics of housing stock:B.1.3
    % of substandard dwelling units  14.86% of total
    MIVI
    		B.1.3.2
    Tenure in urban areas (%):B.1.4
    Owner-occupied units  76.51% of total
    INEC
    		B.1.4.1
    % of owner units with a mortgage  25.99% of total
    INEC
    		B.1.4.2
    Estimated Number of units completed/yearB.1.5
    Number of recorded urban housing transactions/year618172198864
    Convivienda
    		B.1.6
    B.2 Housing Prices and Cost for Urban Areas or Capital City
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Median urban house price in USD:B.2.1
    Median house price to median annual HH income:B.2.2
    Annual average % change in median house prices:B.2.3
    M2 construction cost for median quality houseB.2.4

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    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: "down payment guarantees that enable families to reduce their down payments from 20 percent to 2 percent" (PROFINCO)
    Notes: $0-$30,000: 0% $30,000-$50,000: 1.75% $50,000-$75,000: 1.95% >$75,000: 2.10%
    Notes: $0-$30,000: 0% $30,000-$50,000: 1.75% $50,000-$75,000: 1.95% >$75,000: 2.10%
    Notes: $0-$30,000: 0% $30,000-$50,000: 1.75% $50,000-$75,000: 1.95% >$75,000: 2.10%
    Notes: 90-100% is typical depending on the bank
    Notes: Banco General, HSBC Bank Panama
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: For the Preferential Interest Rate Law: The government compensates mortgage lenders through a tax credit equal to the difference between the Panamanian reference rate and the subsidized rates.
    Notes: Government-owned banks are mostly funded by retail deposits.
    Notes: In 2013, Bancolombia Group acquired HSBC Panama and renamed it as Banistmo.
    Notes: Lender fees range from $363.8-$695.5 Loan Processing: $96.30 - $160.50 Legal Services: $267.50-$535.00 Legal Service fees apply when the bank prepares the contract agreements, notarizes the documents and makes the inscription in the Public Registry.
    Notes: Most common is a monthly mortgage amount of $100-149 with monthly income of $1000-1499
    Notes: No formal LTV cap but individual banks self-impose LTV limits
    Notes: No formal LTV cap but individual banks self-impose LTV limits
    Notes: No formal LTV cap but individual banks self-impose LTV limits
    Notes: Only includes major developers associated with Convivienda
    Notes: Only includes major developers associated with Convivienda
    Notes: Only includes major developers associated with Convivienda
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Preferential Interest Law subsidy: Subsidy of two percentage points off market rate. To be eligible, must satisfy several conditions: (1) Must be first time buyer (2) The property being bought must be new construction (3) The property must be for residential purposes (4) Amount financed must be in range of $35,000-$120,000 after down payment (5) Financing can't be more than 95% of appraised value (6) Must be titled property (7) Loan cannot exceed 15 year term
    Notes: Real estate transfer taxes in Panama are 2% of the higher of either the updated registered value of the property or the price at sale. These are paid by the seller.
    Notes: Securitization of mortgages minimal
    Notes: Self-imposed by banks, this is for houses worth below $45,000, more expensive houses have lower LTVs with 80% being the norm for houses above $120,000 in value
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: Superintendencia de Bancos de Panama
    Notes: The property tax rate ranges from 0% to 0.70% for real property subject to family wealth or main residence benefits.
    Notes: The property tax rate ranges from 0% to 0.70% for real property subject to family wealth or main residence benefits.
    Notes: The property tax rate ranges from 0% to 0.70% for real property subject to family wealth or main residence benefits.
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Through the Banco Nacional de Panama, the State has set up a guarantee fund to reimburse up to 30 percent of any losses incurred on loans with down payment guarantees (PROFINCO).
    Notes: Total number of house sales
    Notes: Total number of house sales