204 towers under development in Panama City

In Panama City, the number of new residential towers under construction or in pre-construction doubled in 2007.

Tuesday, June 10, 2008

Although some reports place the number of towers in the planning stages at more than 300, CBRE’s report found 204 residential buildings under construction or in pre-sales, representing 21,710 units. However, it’s worth noting that only 9,875 of those units are actually under construction, which shows that “not all the projects have achieved the minimum presales required to start construction,” the report notes.
CBRE found the average sale price of a “Class A” apartment rose 12 percent in 2007, to $2,180 per square meter, but that was small bump compared to the 50 percent annual jumps of the previous two years. Top-end apartments, however, are hitting $4,800 a square meter, the report found.

More on this topic

Panama: Luxury Housing Investment

March 2013

At the end of 2012, the luxury Class A apartments accounted for 78% of the units under construction, while the Classes B and C together accounted for 22%.

According to a residential market study prepared by the firm CB Richard Ellis Global Research and Consulting (CBRE Panama), at the end of 2012, luxury apartments categorised as Class A, were the most popular in the residential market in Panama, representing 78% of the total units under construction. Meanwhile, Class B and C apartments, amounted to 22%.

Panama’s Residential Market

December 2012

The residential market in Panama City remains stable, with slightly increased demand for Class A buildings at 74%, up 2% on the prior period.

CBRE Panama submitted its report on the housing market for the first half of 2012:

The residential market in Panama City has remained stable in the first half of 2012, showing an absorption rate of 74% in Class A buildings compared to 72% in the previous period.

Over $190 million in Residential Towers

August 2012

The boom in vertical housing continues in the capital of Costa Rica, where the trend of living near to the down town area is a response to the serious problems of road traffic.

Condominios 6-30, Torres del Lago, Torres Paseo Colón, Vistas de Nunciatura and Condominios Nara are some of the residential-commercial projects currently on offer in the city of San Jose.

Rent increases in Panama

December 2008

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

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.

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