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Panama: Commercial Real Estate Market Grows
January 28, 2008
by Latin Business Chronicle
In an article written in Latin Bussiness Chronicle it mentioned how Panama's Commercial Real Estate has grown tremendously. Panama's unprecedented growth has created a huge demand not just for
residential homes and weekend homes but also for commercial real
estate. One year ago offices were renting for $10-$15/sq meter and now
they have skyrocketed to prices in the $25/sq meter. Depending on the
part of town prices have gone up. areas of mayor interest include la
Torre de Las Americas, the banking area, Marbella and other business
districts around Panama.
The surge in demand is directly attributed to the influx of Venezuelans
coming to Panama to do business here and also other companies setting
up shop for the Panama Canal Expansion.
For the full article please see www.latinbusinesschronicle.com or read further for a summary.
Panama: Commercial Real Estate Market Grows
Commercial - rather than residential - may be the main growth driver for Panama's real estate sector, experts say.
BY CHRONICLE STAFF
Panama's residential real estate market - until recently seen as one of the hottest in Latin America - is starting to cool down, thanks to oversupply, rising prices, a new and controversial visa law and the U.S. sub prime crisis, experts say.
However, the commercial real estate sector is likely to see solid growth, thanks to the $5.2 billion expansion of the Panama Canal and the growing number of multinationals that are setting up offices or manufacturing facilities there.
"There's a lot of residential product that needs to be sold," says Shannon Robertson, managing director of the Latin America operations for Jones Lang LaSalle. "We expect prices to correct or developers to hold on to their products. There's no question that from a residential market view, Panama City got overbuilt very quickly. It became the flavor of the day."
Paul McBride, CEO of real estate consulting firm Prima Panama, agrees. "Oversupply in Panama City will begin to become a problem in the next 12 to 18 months," he predicts. "Increasing prices in the residential retail sector along with a tightening international credit market will likely slow demand."
While most of the oversupply is affecting Panama City, even areas with larger potential along the coasts could be affected by the U.S. sub prime crisis, McBride warns. "We're very concerned about the sub-prime mortgage crisis and...
For Panama Real Estate please visit www.selectpanama.com
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