At the end of the first semester of the year, the cost of new construction, additions and repairs in Panama fell by 43% compared to the same period in 2017, reaffirming the trend seen since last year.
HELLO! BUYING OPPORTUNITIES ARE AVAILABLE
The most recent figures from the Comptroller General of the Republic show that between January and June of this year the cost of new construction, additions and repairs amounted to $662 million, and the number of projects for which construction permits were granted was 4,188. These figures are far from those reported up to June of last year, when the value of projects exceeded $1.1 billion, and the number of projects was around 7,100.
See “Construction: $235 million in residential projects“
Between January and June of this year the district of Panama was the area that registered the highest cost for new constructions, additions and repairs, with a total of $424 million and 706,000 square meters. It was followed by Colón, Arraiján and La Chorrera, with $63 million, $55 million, $47 million, respectively.
In terms of types of construction, in the first semester the highest value registered was for residential projects, with a total of $350 million, 44% less than was reported in the same period in the previous year.
Overall a good thing if construction exceeds the growth rate of demand then there are problems. Good to see the construction slowing down while Panama’s growth and demand catches up to what is already built.