Panama: Underground Cable Increases House Values

House prices could increase by as much as $7000 because of underground cables laying, now postponed until January, in new residential complexes.

Monday, September 9, 2013

The Ministry of Housing and Territorial Ordinances has decided, along with promoters of urban projects, to postpone until January 2014, underground cable laying which was scheduled to start on September 1.

According to Elisa Suarez, Executive Director of the National Housing Developers Council (Convivienda), the project was postponed in order to analyze and prevent homes that cost more than $40,000 having an excessive increase.

The official explained that first the rules governing the construction will be analyzed in order to reform them and allow use of cheaper materials and also there will be a meeting with the Public Services Authority (ASEP) because the cable laying is not paid for by housing developers but by the utility companies.

The Public Services Authority (ASEP), explained that this plan has already started with the construction of civil works for underground beams. "This December a tender will be launched for the installation of electrical cables. The entire project will take 36 months and is divided into three consecutive stages. The work area where the cables will be laid is bounded by 50th Street, via Brazil, via Espania and Avenida Federico Boyd", reported Prensa.com.

More on this topic

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.

Trends in Housing Supply in Panama

November 2013

20 years ago for every apartment for sale in a high rise building there were 9 houses on offer, whereas today the ratio is 50-50.

The construction of residential buildings in the city has been driven by the increased purchasing power of immigrants and the integration of the underground transport system.

The Costs of Underground Cabling

October 2013

Construction unions in Panama are looking for a way to avoid an excessive increase in the value of homes due to underground cabling.

"The guilds of Panama involved in building and selling homes, have joined forces with the aim of making underground cables in new residential projects (...) not having a significant impact on the price of homes ...", reported Panamaamerica.com.pa.

Request to Postpone Underground Cable Laying in Panama

August 2013

It has been pointed out that the impact on commercial real estate owners has not been taken into account when the underground cables are laid on their properties.

Elisa Suarez Gomez, executive director of the National Council for Promotion of Housing Developers (Convivienda) said they will ask the Ministry of Housing and Land (Miviot) to postpone until January 2014 the new standard which includes a cable laying plan, in order to reach agreements with the Ministry of Public Works, the Public Services Authority and utility companies.

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