Businessmen are looking to districts such as Arraiján and La Chorrera, as the improved connectivity brought by the Fourth Bridge over the Canal and Metro Line 3 will bring a wide range of business opportunities.
These districts, in which considerable growth is expected in the next few years, currently remain among the main areas attracting investment in the construction sector, since according to figures from the Comptroller's Office, between January and July of this year, the costs of new works, additions and repairs reported in La Chorrera and Arraiján, totaled $79 million and $58 million, respectively.
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Greater mobility provided by Line 2 of the Metro in the East of the capital explains the growing attractiveness of the area for real estate development, especially for residential construction.
As of October 2013, the total amount of area processed for new residential buildings in the province of Panama amounted to 903,000 square meters, while in the same month in 2017, just four years later, the figure exceeds one and a half million square meters.
In the Northwest of the city a square yard is worth up to $300, and there is still plenty of space available.
An article on Laprensa.hn reports that "...The cost of a square yard of land located in the northwest quadrant is between $150 and $300, due to the fact that this area has become one of the most exclusive in the city."
The value of building permits that were processed five years ago in the districts of La Chorrera and Arraiján amounted to $208 million, while the figure at the end of 2016 is estimated at $313 million.
Growth in real estate development in Panama West could be further enhanced once Line 3 of the Metro starts to operate, and the fourth bridge over the Canal has been built.
The value per square meter in the Panamanian colonial settlement has almost doubled in the last 10 years.
The restoration of the 'Casco Antiguo' (Old Town) of Panama, which has received investment and economic boom in the city has made property prices soar. According to a report published by Martesfinanciero.com, there are about 900 buildings and houses in the area. In 10 years, the value per square meter has increased from $1,500 to $1,800 to over $2,300 and $3,000, depending on the view and location. Commercial premises for rent are priced between $35 and $50 per square meter, and those for sale range from $3,500 to $4,000, real estate brokers say.
A rise has been indicated in commercial, residential and hotel developments in areas of Santa Tecla and Antiguo Cuscatlán thanks to its geographical and topographical advantages.
The proximity to the coast and its topographical features make the southwest area of El Salvador an attractive area for real estate development, particularly for commercial, residential and hotel developments, reports Elsalvador.com. The region includes the entire metropolitan area southwest of the country including Santa Tecla and Antiguo Cuscatlán.
An inventory of apartments on the beach front could grow from 400 to over 1,600 units in three years, thanks to demand from domestic and foreign buyers.
Buying an apartment on the beach is not a something that only foreigners do in Panama. Although prices range between $200,000 and one million dollars, Panamanians in the high and upper middle class brackets are also positioning themselves as buyers of such properties, according to studies cited by Panamaamerica.com.pa. Important sectors of Punta Chame to Playa Blanca, Farallon, Santa Clara, El Palmar (Hato River) and Rio Mar (San Carlos).
Banks, supermarkets, shopping centers and residential development projects characterize the growth of a province with half a million consumers.
There are approximately 500,000 inhabitants who are demanding more services, especially in areas such as health, restaurants, shops and banks, which although present in the province need to be expanded on in order to meet consumer needs which are growing fast in Panama Oeste.
The value of property in areas such as Amador, Balboa, Clayton and Albrook, has registered increases of up to 300% in the last ten years.
The proximity to the city, the vegetation surrounding the area and the security offered are some of the factors which have increased the value of these areas. For example, in Clayton, an apartment now worth about $160,000, cost about $35,000 ten years ago.
Projections are that this year about 149 thousand square meters of commercial spaces will be built in different parts of the country, mainly west of the Greater Metropolitan Area.
Some of the upcoming projects include: City Mall in Alajuela, City Place in Santa Ana, e Center in Heredia, and Bamboo Eco Urbano in San Jose, among others. Specialists say that the commercial success of these complexes is largely determined by location, business strategy and brand recognition among consumers.
Predictions are that the office vacancy rate in Panama City, currently 33%, could reach 45% in 2016.
Following that under usage prevailing in the office market rental rates have dropped by up to 30%. In the case of hotels, they are also experiencing this phenomenon, the vacancy rate has fallen by 50% and in turn nightly rates have decreased by 28%.
In the first half of 2014 housing construction grew by 30% and 27% for apartment buildings, compared to the same period last year.
The balance between the demand for houses and apartments is very equal, depending on the geographical area; generally there are more apartments in the capital and more houses in the countryside.
Between January and August this year, the value of new constructions in the country amounted to $651 million, which is 15.5% more than in the same period in 2013.
In the first 8 months of 2014 $651.5 million was reported in real estate investment, focusing on the areas of Panama north, east and west, particularly in the districts of Arraiján and La Chorrera.
The increase in residential real estate projects around the center of Panama City has doubled land prices in some areas in the space of five years.
The real estate boom experienced in Panama City can now be seen in the prices of residential projects in areas previously considered as "suburbs" where residential real estate developments are priced at over $80,000.
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