Panama, like the rest of the countries in Latin America and the Caribbean (LAC), faces a persistent and significant housing crisis that amounts to more than 200,000 housing units. According to Juan José Ayerza, CEO of TECHO, solving this problem requires creating new financial instruments adapted to the realities of citizens, providing technical and social support in their housing search, and recognizing progressive housing as a fundamental element for families while they acquire their own home. Anaclaudia Rossbach, Executive Secretary of UN-Habitat, believes that the difficulties people face when looking for their own home are due to the gap between their income and the cost of properties, which has generated a crisis of affordability in recent years. She added that to reduce this deficit, it is necessary to recognize demand and adapt products to the needs and payment capacity of buyers, and also inject more money into long-term mechanisms with the collaboration of the private sector. She mentioned that although several institutional financing programs have been created in Latin America to address this issue, they are not yielding the expected results because they do not reach the number of people in need due to high poverty and inequality rates. She reiterated that urban planning is a key element to reduce the region's housing deficit; therefore, she suggests that governments rethink their decisions, working in conjunction with the private sector, banks, and citizens to address one of the main problems of the 21st century. 'There is supply and a lot of demand, but the mechanisms are not well connected,' she assured.
Panama's housing crisis demands urgent solutions
Panama and other Latin American countries face a severe housing deficit of over 200,000 units. Experts propose creating new financial mechanisms, adapting products to people's needs, and developing urban planning to solve the problem.
