Real Estate Market: Prices in the New Reality

It is predicted that in Panama due to the health and economic crisis the inventory of available properties will increase, a situation that will put downward pressure on property prices and rents, affecting mainly the office and commercial space segment.

Tuesday, May 19, 2020

Directors of the Panamanian Association of Real Estate Brokers and Developers (Acobir) estimate that in the context of the health crisis resulting from the covid-19 outbreak, sales or rental prices in the local market could contract between 20% and 25%.

You may be interested in "Real Estate Supply: How do Prices Behave?"

Luis Pimentel, president of Acobir, told that "... No one expected the pandemic, so the developers who finished their construction and were about to deliver have that inventory available right now'. Currently, the inventory in the residential segment of goods available for occupancy and pre-sales is more than 25 thousand units."

See "Rentals: Lower Occupancy, Lower Prices"

Elisa Suarez, executive director of the National Council of Housing Developers (Convivienda), explained that "... We are going to face a market where the demand will be quite contracted and where the supply will definitely have to be restructured. This leaves me to think that there is definitely a tendency for prices to fall in order to leave the inventory that we have so far."

For the executive, the industry must reinvent itself in this new business normalcy.

In CentralAmericaData we have information about the real estate market in the region, with figures such as prices per square meter according to area and type of property, preferences of residential buyers, data on green land, and many other interesting facts.

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More on this topic

Housing: How Much Could Prices Fall?

July 2020

Entrepreneurs in the real estate sector estimate that in the Panamanian market the prices of homes in inventory could fall between 5% and 10%, due to the economic crisis resulting from the outbreak of covid-19.

Although the construction industry is currently paralyzed because of the health emergency and the supply of new housing is not increasing, entrepreneurs anticipate a fall in the prices of residential property.

Real Estate Market is Saturated?

October 2018

It is estimated that it will take about seven years to commercialize, through the usual channels, the over-supply of between 500,000 m2 and 600,000 m2 that currently exists in the real estate market in Panama.

Those times when real estate projects were selling fast are already in the past.

Real Estate Market Deflates

September 2018

In Panama City a reduction of almost 20% in the prices of residential rents has been reported, particularly in areas that five years ago registered the highest prices in the capital.

The high supply of apartments and houses in residential areas has pushed down prices, especially in areas such as Paitilla, Balboa Avenue and Costa del Este, where in 2013 2 and 3 bedroom apartments were rented at prices above $2,000 and $3,000 a month.

Real Estate Expo 2011 in February

October 2010

Acobir Real Estate Expo 2011 will take place from February 2nd to 6th at the Atlapa Convention Center of Panama.

Osvaldo Marchena, president of the Panamanian Association of Brokers and Real Estate Developers (ACOBIR), expects to exceed $ 60 million in sales.

The executive stated to, "...the activity provides an inventory of properties in pre-sale stage, seconds, lots for housing developments, recreational projects, commercial projects and advisory services for investors."

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