Panama To Invite Bids for Real Estate Appraising

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

Monday, June 7, 2010

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.

“The discussion process was started with the participation of 10 interested companies”, reported Prensa.com, adding that the area of Paitilla was divided in 11 sections, and one company will appraise each.

More on this topic

Request to Simplify Property Tax

September 2014

The private sector has requested that the debate on the bill to reform the tax code be suspended and changes made to the way property values are updated and the tax on them is calculated.

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:

Panama: Request to Modify Cadastral Revaluations

September 2014

A proposal has been made to change the tax exemption bracket from over $30,000 to $120,000 and for the rate for amounts above that figure to be set at 0.25%.

Although the process of cadastral appreciation in the capital city was suspended in November 2013, the private sector claims that the rule remains in effect and proposes amending it in order to minimize the impact of appraisals in the payment of property tax.

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 Prensa.com 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."

Panama Invites Tenders for $3.5 Million Valuation Services

September 2010

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.

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.

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