Panama: Concession of 46 Hectare Estate in Costa del Este

The Social Security Department is to give in concession for real estate development a 45.6 hectare lot valued at $100 million, located between Chanis and Costa del Este.

Monday, July 22, 2013

The initial specification has undergone some changes. "...originally the Social Security Department wanted to grant a concession for 20 years, renewable for a period up to the same amount of time. However, with the changes to the contract, "upon completion of the time frame of the award and the extension, the entity may offer to sell the entire project with prior approval of the board and after an assessment by the Ministry of Economy and Finance," reported

Of all the land (45.6 acres), 15 acres may be sold before the end of the 20-year concession and the extension, should it be granted. Of these, five acres may be sold as soon as the CSS signs the contract with the developer and the remaining 10 after two years of granting the order to proceed.

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Real estate companies have reported a glut in the market for houses with prices below $120 thousand in the capital, while at the same time there is a growing supply of properties priced above $250,000.

The supply of middle class housing in Panama is still insufficient to meet demand, but at the same time the inventory of properties with higher prices continues to grow, but is accompanied by a demand that is not growing at the same rate. A study by Antojo Inmobiliario details that of the 25,724 new homes and apartments unsold in December 2016, 66% were houses with prices of less than $250,000, and 34% were homes priced at above $250,000.

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The proximity to the city, the vegetation surrounding the area and the security offered are some of the factors which have increased the value of these areas.

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The valuation of the lots has produced values described by businessmen as "very high".

An article in reports “the most expensive lots are concentrated in the old part of the free zone, with valuations of between $400 and $925 thousand. Te cheaper lots are in France Field, Coco Solito, Coco Solo and the future development area. These areas were built on filled-in sea and mangrove swamps. "

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