The scarcity of land available to build in Panama City is raising the value of so-called "reverted areas."
Prensa.com reports that "The interest in reverted properties, especially in the Pacific, has increased due to the shortage of available land for building in downtown Panama City."
Calculations by the Administrative Unit of Reverted Properties (UABR by its initials in Spanish) indicate "that this year about $80 million could be obtained from the sale of the lands that were returned by the United States to Panama."
The increase of more than 5% in the cost of construction and the revaluation of land in the capital, has made the social housing segment unprofitable for builders.
"In its projections for 2013, the National Housing Council (Convivienda) a guild that brings together the leading companies involved in the construction of family units will build 8,206 dwellings (houses and apartments) with a total investment of approximately $800 million.
Congress has approved a law governing the Special Development Regions (REDs in Spanish).
The law states that the REDs are allowed to have their own budget, the right to collect and administer their own taxes, to determine the rates they charge for their services, to hold all types of contracts that extend to the next period of government, and manage their own internal and external debts as long as they have the approval of the State of Honduras.
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