The reaction of the business sector comes days after the mayoral office of Panama announced the temporary suspension of building permits in the district of San Francisco. The Chamber of Commerce, Industry and Agriculture of Panama (CCIAP) is demanding that such measures be taken in consensus with the private sector, without jeopardizing economic development.

From a statement issued by the CCIAP:

Last week, the City Council approved, to beating drums, a unconsulted Agreement which radically and immediately amends some regulations and standards for real estate investments, and which immediately suspended the approval of building permits in the area of ​​Paitilla.

It even restricts the use and enjoyment of investor's private property, a right enshrined in our Constitution. We believe that this prospect Agreement is a new attack against the legal security of investments. The sudden change in direction represented by this agreement, other resolutions and regulations, and unconsulted changes to rules, have jeopardized more than 50 projects that were scheduled to be developed.

More on this topic

Moratorium on New Constructions

June 2018

The Panama Council has approved a moratorium on the granting of construction permits in the urbanization Villa Las Acacias, in the Juan Díaz district.

The suspension, which "... will be in force until hydraulic studies are made on the conduction, evacuation and final destination of rainwater and runoff in the sector ..." , also applies to real estate projects that are carrying out earthworks and that do not yet have a building permit.

Panama: Building Permits Suspended in San Francisco

March 2016

The measure will be maintained until an infrastructure report is prepared in the district to develop a proper urban planning strategy.

The Directorate of Works and Construction at the Municipality of Panama will not be able to temporarily approve building permits in the district of San Francisco.

Panama Bay Construction Permits Suspended

November 2014

The Ministry of Housing and the City of Panama have agreed not to grant permissions for developments in the area of ​​the Bay of Panama pending a review of safety and construction regulations.

According to the Panamanian authorities, constructors' and developers' complaints about delays in approving building permits "...

Honduras: $42 million in Real Estate Investments

March 2014

Development Groups are preparing to build four new high rise luxury apartment buildings in the northwest area of ​​San Pedro Sula.

Private developers announced the launch, in the coming months, of the implementation of high rise construction projects, which will mean an investment of more than $42 million .