Panama: More Construction Permits, Less Sales

In 2009, construction permits increased 11.34%, while home sales dropped 7%.

Thursday, February 11, 2010

$406 million worth of residences were sold in 2008, falling to $377 in 2009.

For 2010, the sector expects sales to grow 21%. In 2009, authorities granted 8.771 permits, up from 7.878 in 2008.

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More on this topic

Panama: Building Permits Rise 60%

May 2014

In the first quarter of 2013 the value of building permits totaled $156 million, with homes leading the growth, followed by commercial buildings.

Specialists in real estate and real estate industry players have repeatedly pointed out that the construction of homes, mainly those under the preferential interest scheme, is on the rise and new market niches for housing are opening up.

$918 million in Approved Building Permits

September 2012

In the first seven months of the year the value of approved construction projects amounted to $918 million, 45.3% more than in the same period last year.

This July alone, the total approved exceeded $151 million, representing a 140% increase compared to July 2011.

Of the total number of permits approved $705 million worth was for projects to be developed in the capital, being mostly non-residential.

Home Prices On The Rise in Panama

April 2010

As the price of construction materials increase, so does the price of homes, which has risen between 5% and 10% for residences worth more than $30.000.

Steel, cement and premixed concrete together got $600 more expensive, and taxes paid when selling a home, were hiked from 5% to 7%.

Applications to Build in Panama Increase

April 2009

The Department of Planning and Permits received 407 applications in January and February, 52 more than during the same period last year.

Of the 407 applications received, 121 were approved in January and 99 in February.

Panamá América reported on its website: "The statistics of the municipal Department of Planning and Permits detailed that there were 121 approvals in January and 99 that were completed in February.

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Real Estate Investment Banking in Central America
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 25820600

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