Green Numbers in the Real Estate Market

By the end of 2016, the bank loan portfolio for housing and commercial construction exceeded $14.7 billion, and more than 19,000 houses and 545 buildings were built in Panama in the last six years.

Tuesday, September 12, 2017

A combination of low interest rates coupled with a growing and stable real estate supply account for much of the growth in real estate and construction activities in Panama. 

The figures even make it possible to state that despite the growth in the real estate supply, there is still unsatisfied demand, therefore the good performance of the sector should continue in the medium term.

See also "Central America: $265 Million in Residential Projects"

A report from the Superintendency of Banks states:  "..."We note that preferential loans increased by 18.5%, while non-preferential loans increased by 4%. This allows us to infer that the supply of residential construction projects will continue into the future, which will allow a flow that will affect the growth of residential mortgages in the coming years," the report said.

At the end of 2016, the credit portfolio for housing and commercial construction exceeded $14.7 billion, and more than 19 thousand houses and 545 buildings were built in the last six years. These figures include the district of San Miguelito, but exclude the province of West Panama. 

See also: "Central America: $1.6 billion in High Rise Housing"

An article by reports that  "...The construction sector, up until May of this year, has received $6,571 million in loans, or an increase of 17.9% compared to the same period in 2016, when the figure was $5,573 million, said Carlos Troetsch, president of the Banking Association of Panama in a dialogue within the Capac."

The general manager of Banco Nacional de Panamá, Rolando de León de Alba, commented that "... the areas most valued for the real estate sector are Costa del Este, El Cangrejo, El Carmen, via Argentina, Punta Pacifica, Punta Paitilla, Altos de Panama, Centennial, 12 de Octubre, Panama Pacific, San Francisco, Clayton, Albrook and Altos del Golf, among others."

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During the event 2,575 mortgages were sold, among which social and middle class housing stood out the most, with prices ranging between $40,000 and $80,000.

The figures provided by the Panamanian Chamber of Construction (Capac) again reflect the growing need for housing that exists in the country, mainly in middle class and lower class segment.

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Out off the 8,232 homes sold in 2015, 76% was sold at prices lower than $120.000, 18% at prices between $120,000 and $350,000 and the remaining 6% above $350,000.

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