Real Estate Rentals: Changes in Panama

Arguing that the dynamic evolution of covid-19 has changed the socio-economic conditions of the population, a decree was issued to modify the rule that suspends evictions and launches, for the duration of the health emergency.

Tuesday, August 11, 2020

Executive Decree No. 314 of August 7, 2020, which was published in the Official Gazette, modified articles 2, 5, 6, 7 and 11 of Executive Decree No. 145 of May 1, 2010, through which all procedures for the launching and eviction of real estate for housing use, commercial establishments, professional use, industrial activities and education were suspended, without distinction to the rent.

You may be interested in "Real estate offer: How do prices behave?"

After being modified, Article 5 details that "... While the State of National Emergency is in effect and up to two months after the lifting of this measure, tenants affected by the economic crisis caused by the covid-19 pandemic, who are unable to pay their rent, may benefit from Article 2."

Article 2 suspends the procedures for the launching and eviction of real estate intended for residential use, commercial establishments, professional use, industrial activities and teaching, without distinction of the rent.

See "Apartment Rentals: Interests in Central America"

The new text of Article 6 specifies that "... After the effects of the Declaration of the State of National Emergency have ceased, and up to two months after it has been lifted, if the tenant refuses to pay the landlord the rental fees that have not been paid during that period and does not comply with the signed mutual agreement, the affected party may appeal to the ordinary courts in the event of non-compliance."

See full publication of "Executive Decree No. 314".

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Change in Lifestyle vs. Rental Prices

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Rentals: Evictions Suspended in Panama

April 2020

The Assembly approved in third reading a bill that suspends for a 120-day period all launches and evictions of private real estate intended for housing, commercial establishments, professional use, industrial and educational activities.

The plenary session of the National Assembly, supporting the state of emergency as a result of the effects generated by the infectious disease covid-19, approved in the third debate the draft law 299, by which measures on the leasing of real estate are dictated, informed the institution.

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RAM Realtors

We offer sales and rentals of properties such as houses, condominiums, warehouses, offices, building sites, farms, beach properties, commercial premises.
Operates in Costa Rica
Phone: (506) 2234-2424

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