Predictions are that the office vacancy rate in Panama City, currently 33%, could reach 45% in 2016.
Following that under usage prevailing in the office market rental rates have dropped by up to 30%. In the case of hotels, they are also experiencing this phenomenon, the vacancy rate has fallen by 50% and in turn nightly rates have decreased by 28%.
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.
At the end of 2013 the balance of these loans in the banking system exceeded $10 billion, representing growth of 30% in the last three years.
The increase in the real income of households, the Preferred Interest Act and the increased demand for housing in the medium / high cost category, have strengthened the portfolio of mortgage loans in the country, with the balance of this portfolio up to March this year standing at $10.296 billion, $9.041 billion for homeownership loans and $1.254 billion for commercial premises.
The area of land in process for construction permits for new properties in the first quarter of this year decreased by 5% compared to the amount in the same period in 2013.
Of the total square meters processed with the Association of Engineers and Architects, the category showing the greatest reduction was trade buildings, which fell by 35% compared to the first quarter of 2013.
Costa Rica lacks housing for the middle-income sector.
Funding is not to blame. After passing the most severe part of the financial crisis, banks are now offering home loans at favorable conditions and accessible to incomes of all spectrums. The problem is that there is insufficient supply in the housing sector in the ranges of $70 thousand to $80 thousand.
The five-story building, with a construction area of 4,127 square meters, is valued at $ 1.07 million.
There is up to 80% financing available for the purchase.
Eight months ago, when it was offered for the first time, the sale price was $ 2.17 million, "the new price ... responds to conditions of the property, which needs repair, as stated in the advertisement," Nacion.com reported.
The office space sector in Costa Rica increased available area by 20% in 2008 and prices fell by 12%.
Office parks were the hardest hit in 2008, in comparison with other sectors of the real estate market such as industrial and commercial, due to an increased supply of new buildings and the effects of the international crisis.
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