Two bills intended to stimulate the middle-class housing market were presented over a year ago and have still not received approval from the Costa Rican legislators.
Among the proposals that have not progressed is one that refers to a five-year exemption from paying property tax for homes valued under $145,000 in the 48 months following the law’s inception.
Another government initiative which is still awaiting approval, aims to eliminate the reserve requirements of the bonds used to finance mortgage loans.
An article on Elfinancierocr.com article reads: "Both initiatives are part of the Government's proposals to improve housing options for the middle classes. Two other projects have been approved, but only one is actually underway. "
Source: elfinancierocr.com
More on this topic
August 2011
Of the 520 housing projects on the market, only 18% offer homes for under $80 thousand.
According to data from Galería Inmobiliaria, a company dedicated to studying the sector, the average price of all the projects under construction (298) ranges from $200,000 to $400,000.
July 2011
Along with the pace of strong growth in the Panamanian economy in recent years, so too is growing a new middle class who are driving consumption.
Homes and cars are the main investment goals of the new Panamanian middle class. For the first objective, the government plans to establish subsidies with the Preferred Interest Act, which pays 4% market interest rate on home purchases up to $65,000.
November 2010
By year's end, the draft would be ready for submission to the National Assembly in early 2011.
The National Commission for Micro and Small Enterprises (CONAMYPE) went through the last stage of consultations for the proposed law for micro and small enterprises (SMEs).
During this phase, meetings have been held with trade associations, financial intermediaries and others, and is the latest step in presenting the bill to the Legislature later this year or early 2011. "We would expect a good reception by the Legislature so this law can become a reality by middle of next year, or before," said Ileana Rogel, Director of CONAMYPE to Laprensagrafica.com.
December 2009
The new banking bill proposed by the Superintendence and the Central Bank of Guatemala is key for strengthening the financial system.
Miguel Gutiérrez, in an article in TheBlackBox, explains that the bill "represents a major step in the right direction, the direction the world is taking after the most severe financial crisis since the 1930s.
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