Rent increases in Panama

In the industrial segment, the cost per square meter has increase dramatically.

Monday, December 15, 2008

According to CB Richard Ellis, the price per meter in 2007 was between 2 and 4 dollars while in 2008 it is now between $5 and $8.

The economic prosperity, along with a the fact that there has not been a significant increase in the construction of space, caused a shortage in storage space which resulted in the increase in rent prices in Panama City, explained Carla Lopez, director of Evaluations and Consultations at CB Richard Ellis Panama.

More on this topic

Shortage of Apartments in Panama

May 2013

Finding apartments with adequate prices, safety and that are close to services, has become a difficult task.

In the last three years in Panama City rents have risen in price by 50% and 60% due to the growth in the country, the influx of foreigners and the construction of new infrastructure.

Rentals in the Colon Free Zone

October 2012

After repealing the law allowing the sale of land, the government is intending to put up rental prices.

"Yes, the rents are going to be raised, we said that from day one," said the Minister of Economy and Finance, Frank De Lima, whose aims is that users of the free zone will contribute the more than $27 million per year that are currently paid, towards improvement plans in the province.

CFZ Establishes Maximum for Rent Increases

October 2012

Users of the Colon Free Zone in Panama are no longer required to purchase the lot which they currently lease and if they choose to continue renting the amount charged in the first five years can not exceed 10% per year of what they currently pay.

At the end of the first five years, rents can be updated every two years according to the consumer price index, indicated the Zone's Users Association (AU in Spanish).

ZLC Businesses: Buy or the Rent Goes Up

March 2012

Even though last year the rents paid by users of the Colon Free Zone (ZLC in Spanish) rose by 20%, President Martinelli has said that they pay very little in relation to their earnings.

If the sale of the lots in the ZLC does not go well, the alternative being studied by the government is to raise the rents.

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