In the first half of 2014 housing construction grew by 30% and 27% for apartment buildings, compared to the same period last year.
The balance between the demand for houses and apartments is very equal, depending on the geographical area; generally there are more apartments in the capital and more houses in the countryside.
Elisa Suarez Gomez, executive director of the National Board of Housing Promoters told Panamaamerica.com.pa that "...
In 2013, homes priced over $120,000 accounted for 20% of all units, while in 2012 the figure was 12%.
The data were revealed by Elisa Suarez, Executive Director of the National Housing Developers Council (Convivienda).
The developers of these projects expect that by the end of 2013 they will have sold about 1,642 such homes, representing 20% of the market, up 8% from last year.
20 years ago for every apartment for sale in a high rise building there were 9 houses on offer, whereas today the ratio is 50-50.
The construction of residential buildings in the city has been driven by the increased purchasing power of immigrants and the integration of the underground transport system.
Nowadays people prefer to buy a home that is close to the areas where they are underground stations.
Construction unions in Panama are looking for a way to avoid an excessive increase in the value of homes due to underground cabling.
"The guilds of Panama involved in building and selling homes, have joined forces with the aim of making underground cables in new residential projects (...) not having a significant impact on the price of homes ...", reported Panamaamerica.com.pa.
House prices could increase by as much as $7000 because of underground cables laying, now postponed until January, in new residential complexes.
The Ministry of Housing and Territorial Ordinances has decided, along with promoters of urban projects, to postpone until January 2014, underground cable laying which was scheduled to start on September 1.
Following the results from 2012, which confirmed the recovery of the sector, it is predicted that in 2013 home sales will increase by up to 16%.
Panamaamerica.com reports that Miguel De Janon, president of Convivienda stressed that "the levels achieved last year broke anticipated expectations."
According to estimates from the National Housing Promoters Council (Convivienda), in 2013 growth will continue, and home sales will grow by 16%, a rise of 3% compared to 2012.
The National Council for Housing Promoters in Panama is made up of 22 Developers and 9 Banks, who are united by quality and accountability requirements.
An article in pa-digital.com reports that "57% of everything that is built in the Republic of Panama is developed by members of this union whose promoters have been in the housing market for over 50 years."
The Panamanian group of companies, Convivienda projects sales in 2012 amounting to $665 million with the delivery of 7,429 homes.
The director of the national council of housing developers, explained that the with the Preferred Interest Act raising the ceiling on the value of homes which can benefit to $120,000 will help... "the middle class above all, because there are more chances to get a house for a longer period", reported Panamaamerica.com.pa
The crisis in Europe, North America and Venezuela is dampening the dynamism in the real estate sector whose sales depend heavily on these markets.
In the first six months of 2011, of the total amount of real estate transactions only 2% related to the sale of luxury real estate projects.
The executive director of the National Housing Promoters (Convivienda), Elisa Suarez Gomez, said that building of luxury residences has been reduced in the first half of the year. "... In luxury segments, those costing upwards of $350,000, sales depend heavily on the foreign market, so the crisis in European countries, Canada and Venezuela, has made for significant changes in the sales process", said the director to Panamaamerica.com.pa
The association of builders known as Convivienda plans to develop 44% more homes in 2011 when compared to 2010.
These companies, which represent 54% of the metropolitan home building market, built 5.050 new homes in 2010.
Elisa Suarez, executive director, told Prensa.com: “we are experiencing growth, albeit a slow one, away from the 2007 rates (12%), which were the best of all time”.
Organized by the National Council of Housing Promoters, the fair will showcase over 80 real estate projects.
The ninth edition of this fair will feature the participation of 9 banks and 21 real estate developers.
“80% of the showcased projects are priced between $30.000 and $80.000, and enjoy preferential interest rates”, noted Elisa Suárez de Gómez, executive director of Convivienda.
The household exposition CONVIVIENDA 2009 will be held in the Islas of Atlapa Convention Center on July 3rd, 4th, and 5th.
The expo will showcase more than 90 projects from around the metropolitan area. Other urban and touristic development areas, such as mountain regions and beaches, will also be included.
The event will include the participation of nine banks which will offer mortgages to finance the purchase of your own home; also, companies with complementary products and services such as furniture, paint, lighting and accessories will be participating.