Panama: Housing Construction Up 30%

In the first half of 2014 housing construction grew by 30% and 27% for apartment buildings, compared to the same period last year.

Friday, October 31, 2014

The balance between the demand for houses and apartments is very equal, depending on the geographical area; generally there are more apartments in the capital and more houses in the countryside.

Elisa Suarez Gomez, executive director of the National Board of Housing Promoters told that "... if a person wants to live near their place of work, the best option is an apartment, but if you are interested in a greater number of square meters, the ideal is a detached house. "

She added that "... A lot of Panamanians will primarily focus on the level of debt they want to take on before deciding on an option. Usually people calculate different options against their salaries and usually buy based on that."

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The value per square meter in the Panamanian colonial settlement has almost doubled in the last 10 years.

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Panama: Growing Demand For Beach Apartments

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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.

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An increase in car traffic has contributed to the trend of living in apartments in buildings located near workplaces.

Real estate developers are backing the construction of apartment buildings in the metropolis, offering proximity to work places, avoiding long commutes.

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