Panama Invites Tenders for $3.5 Million Valuation Services

The country's property register is looking to contract real estate valuation services for properties located in the Punta Pacifica and "Costa del Este" areas of the capital.

Friday, September 10, 2010

There are two separate contracts: 2010-0-16-0-08-AV-001130 worth $2.1 million in exclusive Punta Pacífica and 2010-0-16-0-08-AV-001134 worth $1.4 million in newer Costa del Este.

The Ministry of Economy and Finance requires property valuation services broken down by land and improvement values. These will be used by Panama's property and wealth register and will form the basis for the calculation of the property tax collected by the country's tax revenue authority (DGI in Spanish).

Bidders should have the experience, human resources and project capacity necessary to carry out the work to the timescales specified, as well as meeting the criteria defined in the tender documents.

More on this topic

Panama: Official Appraisals Eliminated

October 2015

The Assembly has approved a law granting administrative autonomy to municipalities and has eliminated appraisals of properties declared as official, as established by Law 8 of 2010. reports that "... The document approved amends Article 770 of the Tax Code, so that once the project is sanctioned, the general and partial assessments are made in compliance with the requirements established by the National Directorate of Cadastral Information and Valuation by the National Authority of Land Management (Anati ), provided that they meet a schedule properly structured in accordance with the procedures established by the standard. "

Resistance to Land Valuations in Panama

November 2013

Business groups are working on the definition of an alternative to the Government's policy to value properties according to their commercial value.

An article in reports that as an example José Luis Ford, president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap) noted that the position of the chamber is "to search for a more 'real' number, because the value used (commercial value for determining the registry value) does not match reality."

Land Prices in the Colon Free Zone

July 2012

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. "

Panama To Invite Bids for Real Estate Appraising

June 2010

The government will put out to tender a contract for appraising real estate in Punta Paitilla.

In order to update its real estate registry, the Ministry of Economy will hire companies to perform a massive number of appraisals in the metropolitan area. Some 12.000 lots will be evaluated.

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