Businesses Promised by West Panama

Businessmen are looking to districts such as Arraiján and La Chorrera, as the improved connectivity brought by the Fourth Bridge over the Canal and Metro Line 3 will bring a wide range of business opportunities.

Thursday, September 26, 2019

These districts, in which considerable growth is expected in the next few years, currently remain among the main areas attracting investment in the construction sector, since according to figures from the Comptroller's Office, between January and July of this year, the costs of new works, additions and repairs reported in La Chorrera and Arraiján, totaled $79 million and $58 million, respectively.

See CentralAmericaData's "Real Estate Project Feasibility Studies."

The growth of the constructions executed in the last years has been reflected in the increase in the number of vehicles that circulate in the sector, since in West Panama, between 2014 and 2018, the units that transited grew by 39%, going from an average of 20,338 to 28,278.

You may be interested in "Where are the consumers who spend the most?” and "Where do Consumers Travel?

In terms of public investment, the Panamanian government has several challenges, because according to medium-term projections, demographic pressure will increase in the area, which will generate an increase in the demand for basic services.

Elisa de Gómez, executive director of the National Council of Housing Promoters (Convivienda), told Martesfinanciero.com that "... Based on the growth of Arraijan and La Chorrera, it is unacceptable that services have not been improved. It is essential for the State to catch up. The relevance of West Panama is equated with that of San Miguelito for construction. These are the areas of greatest real estate development."

Also see "Big Data and Real Estate Market”

Adriano Ferrer, municipal engineer of the district of La Chorrera, said that "... We have more people living here with the same street infrastructure and the same schools; there is a water treatment plant that was enlarged in the government of Martín Torrijos, but nobody expected this demographic explosion and all kinds of infrastructure."

By 2024, it is projected that the Fourth Bridge over the Canal will be ready. It is also planned that Line 3 of the Metro will finish its journey in the City of the Future, in Arraijan. Among the works already underway, the widening of the highway in the area of Arraiján-La Chorrera stands out, which reports a 61% progress.

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More on this topic

Real Estate Boom in Panama Oeste

February 2017

The value of building permits that were processed five years ago in the districts of La Chorrera and Arraiján amounted to $208 million, while the figure at the end of 2016 is estimated at $313 million.

Growth in real estate development in Panama West could be further enhanced once Line 3 of the Metro starts to operate, and the fourth bridge over the Canal has been built.

New Development Plans for Panama West

June 2015

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.

Panama: Value of Construction Up 15%

October 2014

Between January and August this year, the value of new constructions in the country amounted to $651 million, which is 15.5% more than in the same period in 2013.

In the first 8 months of 2014 $651.5 million was reported in real estate investment, focusing on the areas of Panama north, east and west, particularly in the districts of Arraiján and La Chorrera.

Panama: Increased Investment in Arraiján

September 2011

In the past two years, the value of constructions in the district of Arraijan, in the central-western part of the Province of Panama, rose to $200 million.

Of all the money invested, $97 million corresponds to non-residential projects.

According to the President of the Panamanian Chamber of Construction (Capac) commercial and real estate investments are continuing to grow to the west, even as far as Capira.

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