Home buyers’ heaven

This post is also available in: Spanish

The fair takes place at ATLAPA Convention Center in Panama City’s San Francisco neighborhood.

The fair takes place at ATLAPA Convention Center in Panama City’s San Francisco neighborhood.

More than 300 real estate projects in Panama City, the beaches, the mountains and the main population centers in the interior will be on offer at “Expo Vivienda 2013,” the housing fair organized by the Panamanian Chamber of Construction (CAPAC). It will take place from Thursday, May 9 to Sunday, May 12 at the ATLAPA Convention Center, located in the San Francisco neighborhood.

Entrance to the fair is free. It will open from 4:00 p.m. to 9:30 p.m. on Thursday, May 9 and Friday, May 10. On the weekend the

Real estate is one of Panama’s major economic motors.

Real estate is one of Panama’s major economic motors.

showrooms will be open from 1:00 p.m. to 9:30 p.m. Expo Vivienda showcases the construction and real estate industries and gives the opportunity to find not only a vast number of projects under one roof, but the best mortgage rates from respectable Panamanian financial institutions that participate in the event year after year.

The fair in figures

This year more than 160 exhibitors will be present and it is expected that transactions totaling over $150 million will take place during the four days o the fair. Last year nearly 32,000 people assisted at this event and the organizers believe that this year is going to be significantly higher, because there are houses for all budgets.

Preferential interest

mortgages

The Organizer Committee President, Ing. Carlos Allen said that factors such as the government raising the preferential interest rate to $120,000 has allowed buyers to acquire properties paying a monthly amount for mortgage which is lower than the cost of renting a similar house. This subsidy on interest rates is credited as being beneficial to the middle class.

Construction spectacle

Also within the framework of the event the “Working Skills Competition” will take place for the fifth year from Friday 10 to Sunday 12 and aims to stimulate and promote the personal growth of construction workers. Expo Vivienda will also offer information talks aiming to orientate the visitor.

For more information visit

capac.org.

Visit The Visitor

at Expo Vivienda

Stop by stand #326 this weekend at ATLAPA Convention Center to pick up a copy of The Visitor or Focus on Panama.

A foreign applicant’s

mortgage checklist:

• Monthly income through a work certificate showing all deductions or an equivalent document or a credit reference from the country of origin’s credit bureau.

• Two commercial or bank references.

• Photocopy of passport, identification from country of origin, valid driver’s license and a pensioner certificate (if applicable).

• Immigration status from the embassy of country of origin located in Panama.

• Reference letter, typically from a lawyer.

• All the information must be in Spanish, certified by the country of origin’s embassy in Panama for a period not exceeding 60 days.

** Many foreign buyers select a mortgage broker service which for a fee will ensure proper preparation of these documents and act as a liaison between foreign buyers and the bank.

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