It is predicted that in Panama due to the health and economic crisis the inventory of available properties will increase, a situation that will put downward pressure on property prices and rents, affecting mainly the office and commercial space segment.
Directors of the Panamanian Association of Real Estate Brokers and Developers (Acobir) estimate that in the context of the health crisis resulting from the covid-19 outbreak, sales or rental prices in the local market could contract between 20% and 25%.
You may be interested in “Real Estate Supply: How do Prices Behave?”
Luis Pimentel, president of Acobir, told Panamaamerica.com.pa that “… No one expected the pandemic, so the developers who finished their construction and were about to deliver have that inventory available right now’. Currently, the inventory in the residential segment of goods available for occupancy and pre-sales is more than 25 thousand units.”
See “Rentals: Lower Occupancy, Lower Prices”
Elisa Suarez, executive director of the National Council of Housing Developers (Convivienda), explained that “… We are going to face a market where the demand will be quite contracted and where the supply will definitely have to be restructured. This leaves me to think that there is definitely a tendency for prices to fall in order to leave the inventory that we have so far.”
For the executive, the industry must reinvent itself in this new business normalcy.
In CentralAmericaData we have information about the real estate market in the region, with figures such as prices per square meter according to area and type of property, preferences of residential buyers, data on green land, and many other interesting facts.
Source: Panamaamerica.com.pa
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