Increased Demand for Repossessed Properties in Panama

Revenues of $115 million has been collected from the auction of 200 properties, between 2004 and 2011.

Wednesday, July 13, 2011

In the first six months of this year alone, 22 properties were auctioned for a total of $8.5 million, $3.2 million higher than the estimated value (which was $5.4 million). Elsivia Aparicio, Head of Administrative Unit of Repossessed Property (UABR) at the Ministry of Economy and Finance, said these public events have been the busiest.

"In Gamboa there are four homes up for auction after having been transferred last year by the Panama Canal Authority (ACP). According to the UARB’s calendar, these properties will be auctioned between August and September this year, and it is estimated that bids will be double the value calculated by the authorities.

It is estimated that there are still 3,000 hectares of land left to sell, land which was returned by the U.S. government to Panama when they handed over administration of the waterway.

Of this total, about 150 are ready for auction and, according to assessments by the Controller General and the MEF, they have a combined value of $300 million.”, reported an article in Prensa.com

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