Projected Rise in House Prices

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

Monday, October 20, 2014

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.

Construction companies have asked for a review of "... the building standards (category of minimum essential to build) to be allowed to make some changes to these old standards in order to be able to use modern materials, at low costs, so as to maintain prices that the market can consume. "

Elisa Suarez, director general of the National Council for Housing Developers (Convivienda) told Laestrella.com.pa that besides the cost of materials "... procedures for building permits are slow, which is another factor that could also impact on the rising cost of houses."

More on this topic

Real Estate Market: Ambitious Projections for 2018

April 2018

This year in Panama realtors expect to sell 9,000 homes and generate $1.146 billion, which would be a 34% increase compared to the value sold last year.

The National Council of Housing Promoters (Convivienda) plans to sell 8,958 units of housing nationwide this year, after having sold 7,219 units last year.

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.

Costs Prevent Building Houses Under $30,000

April 2013

For promoters in Panama, construction of social housing is no longer profitable, mainly because of the high cost of materials and construction supplies.

"... only about eight years ago there was a proliferation of developments in the areas east and west of the capital with average sales of between $18,000 and $25,000.

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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