Real Estate Development in Panama's Coastal Area

Sales of land, reclaimed seabed and land titling are generating increased expectations in the city's real estate market.

Tuesday, August 20, 2013

Prensa.com reports: "The fertile state lands bordering the Bay of Panama await inevitable changes in light of the real estate boom in the area of ​​Punta Pacifica, Avenida Balboa and the district of San Francisco".

In March, the National Program for Land Management (Pronat) conducted a cadastral survey of Boca de Caja beach in order to legalize the lands there. However, for this to be effective the status of the area must be changed to make it a State asset for later titling.

This reform will be proposed by the National Land Authority (Anati) and submitted to the Cabinet by the Ministry of Housing and Land Management (Miviot) to be presented to the Cabinet in the future.

Property experts say that the lands in Boca de Caja will appeal to developers who will be interested in buying once the titling process concludes . "In fact, they believe that this could be the main reason for the change of status of the 1.6 ha lot, which the Anati valued at $1.4 million."

According to the consultant and analyst, Osvaldo Lau, the ideal thing would be to develop a tourism initiative in the area which includes the local residents.



More on this topic

Nicaragua: Regorganization of Real Estate Development in Coastal Areas

August 2015

The tourism industry supports the reform of the bill on coasts proposed by the government, which grants municipalities with the responsibility to coordinate real estate development in coastal areas of the country.

"Using a public-private partnership we can accomplish the great work of definitively reorganizing the coast and also provide training for mayoral offices so that they understand Law 690 works.'"

Costa Rica: Stability of Occupants of Coastal Zone

March 2014

Operators of tourist establishments that were set up irregularly in forbidden coastal areas will not be evicted.

Costa Rica's Congress has approved amendments to the regulatory framework of urban areas on the coast, easing the minds of longstanding occupants "... giving peace of mind that their development can continue without fear of eviction or municipal action being taken against them."

Coastal Land for Auction in Panama

February 2013

Government officials have announced the preparation of a tender for the Juan Hombrón coastal lands in the province of Cocle, valued at between $80 and $135 million.

Prensa.com reports that the land in question has been the subject of a fraudulent concession award, which resulted in an investigation that led to the resignation of the Minister of the Presidency Demetrio Papadimitriu, in July 2012.

New Regulations for Coastal Development in Panama

May 2010

New dispositions, which could be in effect this year, will regulate the construction of real estate projects in coastal areas.

The proposed legislation is in response to lack of urban planning, which has lead to disorganized spread of real estate projects. Among other things, the new regulation will determine how land can be used by defining categories (residential, commercial, tourism), as well as setting a maximum height for buildings.


Latinamerica Title Co.

Latinamerica Title Co. is an agent of Chicago Title. Our company offers customers the most comprehensive and accurate title and escrow related services in the region, enhancing real estate transactions with a group of services that minimize the risk of investing in a foreign country.
Operates in Costa Rica and Panama
Phone: (506) 2256 9697 - (507) 830 5500

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