Some here in Panama are anticipating increases of between 6% and 12% in home prices in the coming months.

The increase in the prices of materials such as concrete, gray cement, sand and stone, among others, is one of the factors that is pushing up the prices of homes, both those for social interest as those aimed at the middle and upper classes.

Construction companies have asked for a review of “… the building standards (category of minimum essential to build) to be allowed to make some changes to these old standards in order to be able to use modern materials, at low costs, so as to maintain prices that the market can consume. ”

Elisa Suarez, director general of the National Council for Housing Developers (Convivienda) told Laestrella.com.pa that besides the cost of materials “… procedures for building permits are slow, which is another factor that could also impact on the rising cost of houses.”

Source: laestrella.com.pa