The slowdown in the sale of properties at the various new housing projects in Panama has investors worried; however the auctions provide an alternative with which they can, at the least, recover a part of their investment.
Marijulia Pujol Lloyd reports in an article in La Estrella de Panama, that "Gary Gilbert, the representative of the J.P. King Auction Company Inc., is compiling a portfolio of properties for the event, and believes that at least 50 properties can be offered to buyers from different part of the world, especially from Russia, Europe, Colombia, Venezuela, and the United States.
Prices for properties in the main zones of Panama City dropped in 2009 by between 15% and 20% compared to those of 2008.
Figures from the Department of Economic Affairs at the Chamber of Commerce, Industries, and Agriculture of Panama, which were published at Prensa.com, indicate that “in 2008, the cost per square meter for an apartment on Balboa Avenue was, on average $3000, but in 2009 it fell 20% to $2500; Similarly, in San Francisco, the cost per square meter was $1,600, 15% less than in 2008."
Residential projects for the middle and upper classes in Arraiján and Chorrera, Panama, are driving investment in shopping centers, supermarkets and universities.
Capital.com.pa reports that "the population census of 2010 indicates that residing in Arraiján and la Chorrera are 382,249 inhabitants and the estimated population in 20 years in these districts is 570,000 residents ...".
The mini city has become a target for locating companies in offices which now cost $3000 per square meter.
According to an article in Prensa.com "Up to the second half of 2012 there were 139 shops in Costa del Este, with an unemployment rate of 2.23%, one of the lowest in the capital, according to figures from CBRE Panama, consultant real estate. "
An inventory of apartments on the beach front could grow from 400 to over 1,600 units in three years, thanks to demand from domestic and foreign buyers.
Buying an apartment on the beach is not a something that only foreigners do in Panama. Although prices range between $200,000 and one million dollars, Panamanians in the high and upper middle class brackets are also positioning themselves as buyers of such properties, according to studies cited by Panamaamerica.com.pa. Important sectors of Punta Chame to Playa Blanca, Farallon, Santa Clara, El Palmar (Hato River) and Rio Mar (San Carlos).
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