{"id":9971,"date":"2014-03-31T15:13:07","date_gmt":"2014-03-31T20:13:07","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=9971"},"modified":"2014-03-31T15:13:07","modified_gmt":"2014-03-31T20:13:07","slug":"panama-real-estate-market-update-march-2014","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-real-estate-market-update-march-2014\/","title":{"rendered":"Panama Real Estate Market Update March 2014"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Here is Kent Davis with his update on the real estate market in Panama City.\u00a0 Kent believes in complete transparency which is critical as Panama does not have a true MLS and few sales are recorded at actual sales prices.\u00a0 He is a great guy to deal with.<\/p>\n

\n

Residential real estate pricing on apartments for sale in Panama City, Panama continue to trend upwards, as existing inventory gets sold and future supply of new condos comes on the market at higher prices.<\/p>\n

Inflationary pressures are playing a role in appreciation, due to rising wages and the increasing cost of construction materials, both of which are being passed on to the consumer.<\/p>\n

Compared to the same period 12 months ago, prices are up on average of 6% in the three major districts that compose the Panama Metro Area: San Francisco, Bella Vista, and Juan Diaz.<\/p>\n

Demand in high-end residential areas such as Costa del Este remains strong from both foreigners and Panamanians, especially in the “front line” boulevard Paseo del Mar, where existing oceanfront condos are fetching upwards of $2,600 per square meter, a price point that has not been seen for the last five years.<\/p>\n

New developments to the east of the city in the direction of Tocumen International Airport, most notably Santa Maria, are pushing the upper limits of the residential condo market to new heights, are selling for $3,200 per square meter, or roughly $300.00 per square foot on developments slated for delivery in the next 12-16 months.<\/p>\n

Published developer price lists in a number of high rise projects throughout the city also show strong absorption for condos in construction:<\/p>\n

– Luxor Tower 300, a 41-story highrise in the El Cangrejo neighborhood has successfully announced three price increases in the last eight months and reported closed sales for more than 90% of the building<\/p>\n

– The same can be said for a number of developments in the Santa Maria golf community, including high end projects from Panama’s top builders including Corccione, Bern, and Grupo Los Pueblos, all of which are more than 80% sold out.<\/p>\n

Apart from new inventory, prices on existing apartments for sale in Panama have seen moderate appreciation in areas like Balboa Avenue, Punta Pacifica, and El Cangrejo.<\/p>\n

While all three of these neighborhoods are still off their 2008 highs, prices continue to appreciate slowly as new inventory is absorbed and new infrastructure drives values.<\/p>\n

Deliveries on new condos for sale in Panama City, Panama have slowed from 2012, when over 3,500 new condo units were delivered in a 12 month span. While developers in Yoo Tower and Grand Tower both seem to be sitting on at least 30% unsold inventory, neither are very motivated to unload units at discounted prices, meaning that “firesales” in the building have been few and far between. This could be an indication of either confidence in the market or a stable financial position with the building’s creditors.<\/p>\n

Elections in Panama are slated for the first week of May, and neither of the three presidential front-runners have given any indication that they plan on curbing the voracious growth that the city has experienced over the last five years.<\/p>\n

As is the case with any election year, some major purchases and project starts are being deferred, so look for key announcements that will inevitably impact the residential real estate market sometime mid second quarter.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Here is Kent Davis with his update on the real estate market in Panama City.\u00a0 Kent believes in<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9971","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nPanama Real Estate Market Update March 2014 - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-real-estate-market-update-march-2014\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Panama Real Estate Market Update March 2014\" \/>\n<meta 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