Panamanian Construction Sector Growing

Construction projects in November 2010 registered the highest increase in years marking a 20.4% over the same period last year.

Tuesday, February 22, 2011

The Report in the Economic and Social Activity for November 2010, prepared by the Department of Economic and Social Analysis of the Ministry of Economy and Finance, noted that the increase was much more in residential projects (20.9%) than on non-residential (9.6%) .

The report uses figures from the National Institute of Statistics and Census Office of the Comptroller of the Republic, which reveal that the number of residential projects continued to grow considerably in the districts of La Chorrera (96.2%), Aguadulce (92.5%), Arraiján (36.8%), Chitre (16%), Panama (13.8%) and San Miguelito (5%).

The report details the investment per square foot for residential construction, which was 13.4% higher than 2009, and above average, were San Miguelito (46.9%), Chitre (26.9%), Santiago (25.3%) , Panama (23.9%), Arraiján (14.5%) and Colon (14.1%).

It also highlights the Panama Pacific Special Economic Area listed as one of the centers for commercial and industrial development of the country, having several regional offices of multinational corporations, expecting over the coming months the arrival of Sony Corporation, LG and Samsung.

"The arrival of these large multinational companies involves the construction of buildings and facilities, which constantly encourages construction activity”.

More on this topic

Costa Rica: New Construction Works up to October 2016

November 2016

Between January and October this year 8.7 million square meters of construction was formally recorded, 14% more than in the same period in 2015.

From a statement issued by the Association of Engineers and Architects:

San José, November 14, 2016. In the first nine months of 2016, more than 8 million square meters have been registered with the CFIA, a value that is 14% higher than the amount reported in the same period in 2015. The data corresponds to the registration of professional responsibility for construction plans which all projects must submit to the CFIA prior to applying for a municipal building permit.

Panama: Real Estate Boom in Suburbs of Capital

July 2014

The increase in residential real estate projects around the center of Panama City has doubled land prices in some areas in the space of five years.

The real estate boom experienced in Panama City can now be seen in the prices of residential projects in areas previously considered as "suburbs" where residential real estate developments are priced at over $80,000.

Office Rentals Up 146% in Panama

April 2010

In the past five years, the average price for renting office space has increased from $13 to $32.

According to company CB Richard Ellis (CBRE), the City of Panama has 810.000 square meters of office space available for rent.

In a report, the company informs that an additional 303.460 m2 will be available for rent over the next two years.

Guatemala: High Prices in Antigua’s Real Estate Market

April 2010

Despite the financial crisis, real estate prices in Antigua Guatemala remain high when compared with the rest of the country.

Properties located in the center of the city of Antigua Guatemala are priced up to six times more than similar areas in other cities.

Diego Mejía, realtor at Re Max Colonial, told Prensa Libre that “a house with minimum amenities in the center of Antigua Guatemala may cost $300.000, while a few miles from there, a similar property may be worth $50.000”.

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