Panama Extends Law for Preferential Housing Interest Rates

Panama Reinforces Affordable Housing Law: Preferential Interest Rates Extended Panama City, Panama – In a significant development for Panama's housing market, the Ministry of Housing and Territorial Planning announced the reinstatement of Law 3 of May 20, 1985, which regulates preferential interest rates for housing loans. This law, initially enacted to support homeownership, will now be in effect until December 31, 2025. Minister Jaime Jované explained during a press conference that this decision is crucial for addressing the needs of Panamanians seeking affordable housing. "This reinstatement of Law 3 is a testament to our government's dedication to providing accessible and affordable housing for the Panamanian people." The extension will cover all pending mortgage and housing loan applications, ensuring that those already in the process will benefit from the preferential rates. To ensure the smooth processing of these applications, President Laurentino Cortizo has signed decree number 125, extending extraordinary legislative sessions until June 26, 2025. This will allow lawmakers to address any necessary adjustments to the law and facilitate its implementation. The reinstatement of Law 3 is a positive step toward supporting homeownership in Panama and underscores the government's commitment to providing housing solutions for its citizens.