Panama: Real Estate Developments Need Drinking Water

The lack of government planning for the water supply is affecting the development of real estate projects.

Friday, July 5, 2013

According to Guillermo E. Quijano Jr, president of Grupo Unesa, real estate development in the country depends on whether there are water services in the area where you want to build. "To be able to say that development will move towards the east or west or north sector of the city ... First you have to ask if there is water in those areas or not. "

"We have had a sustained backlog for 25 years in infrastructure which has been assumed by private enterprise," said the Executive Director of the National Housing Developers Council (Convivienda), Elisa Suarez de Gomez, said that developers have had to make wells in order to have the facilities needed to support a project having water, but believes that this can not remain their responsibility. Gomez poses a challenge for developers, "make the necessary links with the state so that developments can be planned and the necessary infrastructure can be built for this growth."

More on this topic

Panama: Construction Choked by Red Tape

July 2015

The 60 steps needed to start a project and the slow pace of approvals is exasperating the sector, which fears a decline in foreign investment if the situation does not change.

According to entrepreneurs, reviewing and approving a building plan takes six institutions between five and nine months, while approving an environmental impact study can take up to twelve months.

Projected Rise in House Prices

October 2014

In Panama entrepreneurs are anticipating increases of between 6% and 12% in home prices in the coming months.

The increase in the prices of materials such as concrete, gray cement, sand and stone, among others, is one of the factors that is pushing up the prices of homes, both those for social interest as those aimed at the middle and upper classes.

Panama: Fees and Taxes on Property Prices

September 2013

In recent years the percentage of taxes paid by promoters compared to the final cost of a home rose from 1.3% to 2.7%.

The price of building materials, labor and land values ​​are not the only factors that influence the cost of housing, taxes collected for construction also affect the end buyers.

Responsible for 57% of What's Built in Panama

June 2012

The National Council for Housing Promoters in Panama is made up of 22 Developers and 9 Banks, who are united by quality and accountability requirements.

An article in pa-digital.com reports that "57% of everything that is built in the Republic of Panama is developed by members of this union whose promoters have been in the housing market for over 50 years."

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