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Panama Real Estate to Hold Value
August 10, 2009
by La Prensa
In an article published August 8th in La Prensa it states that Dwellings in panama will most likely not descend in price. Local demand for real estate represents 85%, besides the prices of cement have reached 10 dollars which means promoters cannot sell for less than it cost them to construct nowadays. In spite of the fact that the real estate boom has passed or taken a pause, the prices of the dwellings will not be coming down, because there is still a strong local demand that has maintained values, and the prices of the materials are high, argue experts of the sector. Eduardo Ameglio, manager of Casas Grandes a local developer, said that the cost of the dwelling will continue to rise, since the
local demand is strong and represents 85% of the buyers market, besides the prices of the cement have shot up. The cost cement plays a vital role in the construction industry in Panama and so does concrete, besides the posts of light, the plants processing, steel, slabs, among other materials. Juan Manual Suarez, general manager of construction Company Suarez, is also of the same philosophy and considers that the prices of the dwellings are not going to descend significantly if the prices of the materials continue to increasy, specifically concrete, cement and steel. The bag of cement has come cost to 10 dollars.
Suarez presented that if the changes that the new government is proposing certain norms of the construction for which he encourages for developmnt of social interest dwellings, the prices of the same yes would be able to improve. Among the modifications that the new Government is proposing is fthe widening the streets in the urbanizations of social interest and to modify certain structural elements without affecting the quality of the same, fear that has been tried in meetings between the private sector and the Government to cheapen the costs.
In turn, Diannet Araúz, Commercial manager of beach Bijao Club & residences, said that as for this project they have not contemplated drop of prices, indicating that the adjustments already were done. The houses of social interest go since 20 thousand until 34 thousand dollars, while those of average class average at 46 thousand dollars.
to read the full article in spanish: http://selectpanamarealestate.com/panama-real-estate/Viviendas no bajaran de precio.pdf
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