The growth experienced in the area has led to the Unit of Reverted Properties to postpone the sale of lots in Amador and Sherman in order to update development plans anticipated in that area.
It's not just the projected fourth bridge over the canal and the convention center being built in Amador, but also the future Metro Line 3, which connects the east of the city with the districts of Arraijan, Capira, Chame, La Chorrera and San Carlos.
The Ministry of Economy and Finance in Panama is considering bringing forward auctions of reverted lands in order to increase state revenues faster.
Minister Dulcidio de La Guardia proposed that the Administrative Unit of Reverted Properties (UABR) bring forward the sales in order to mitigate deficiencies in the state of public finances.
The Secretary General UABR, José Antonio Serracín told Panamaamerica.com.pa that "...At the end of August it is estimated that a a total of $7.1 million will have been auctioned. "
The scarcity of land available to build in Panama City is raising the value of so-called "reverted areas."
Prensa.com reports that "The interest in reverted properties, especially in the Pacific, has increased due to the shortage of available land for building in downtown Panama City."
Calculations by the Administrative Unit of Reverted Properties (UABR by its initials in Spanish) indicate "that this year about $80 million could be obtained from the sale of the lands that were returned by the United States to Panama."
The government has not received any proposals from a single buyer, so the 144 acres of the former military base will be split up for sale separately.
The subdivisions of Sherman will be available to buyers for the tourism development, in which, according to a study by C4T, investments could be made of up to $180 million.
Juan Carlos Orillac, administrator of the Administrative Unit of Reverted Properties (UABR by its initials in Spanish) noted that at the end of March information will be released about the land to be sold.
The Administrative Unit of the Reverted Properties in Panama has announced the availability of three plots for residential use which are 25 minutes from Panama City.
Veracruz, located approximately 25 minutes from Panama City is known for its beaches, on which there are small sized ranch style restaurants where you can get fried fish for $3 to $5 and beers for $ 0.60
The Ministry of Finance is to auction two buildings and one lot located in the provinces of Colón and Panama.
Details of the properties for auction:
No. 902 BUILDING, LAND AREA 6256.67 MTS2, CONSTRUCTION AREA 1421.83 MTS2, LOCATED IN THE COMMUNITY ESPINAR, Township of CRISTÓBAL, DISTRICT AND PROVINCE OF COLON, FOR MIXED COMMERCIAL URBAN USE