Real Estate Prices in Panama Drop
Prices for properties in the main zones of Panama City dropped in 2009 by between 15% and 20% compared to those of 2008.
Monday, June 8, 2009
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."
In the North Pacific of Nicaragua a square meter of land on the beach has a maximum cost of $18.
The price of the average lot next to the recently inaugurated highway increased between 25% and 60%.
The demand for land for crops and property development has raised prices in most productive areas.
A specialized company is setting up a portfolio of condominiums and luxury homes for auction in April, in response to the drop in the demand for housing.
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