Prices have risen almost 12% in residential high rise Avenida Balboa apartments in Panama compared with March 2013, in which Panama Equity Real Estate conducted the survey of prices. These findings are consistent with global trends in real estate for Panama in the past 16 months, although prices have gone up in other areas of the city by even greater amounts (for example, Costa del Este, which has experienced an increase in about 20% over the same period).
Avenida Balboa apartments – Gogetit Highlights
- The average price per square meter for an Avenida Balboa apartments (see Avenida Balboa Panama Top buildings) with 100 meters today is US $ 2.377 / m (or just over $ 220 per square foot). In March 2013, a property with a similar price would have been valued at US $ 212, 500, or US $ 2.125 / m.
- Demand continues to be driven by foreigners who prefer Avenida Balboa apartments, due to shorter trip, ocean views and easy access to the system of parks and nightlife in the historic district of Casco Viejo.
- The buildings that experienced the sharpest price increases were the YOO Tower and Rivage, based on a similar study conducted in March 2013.
Changes along the coast line corridor in Avenida Balboa (see Avenida Balboa predictions 2015) have included the creation of a separate bus lane only has eased traffic something like closing off several lanes on Sunday for bicycle traffic only. Both initiatives, along with the expansion of the park system through the Cinta Costera 3 have attracted most down to capacity and improving the overall quality of life of residents in this upscale neighborhood in Panama. New Avenida Balboa apartments developments include newly opened Hilton and the shopping mall retail one block east.
The sharpest price increases came, based on a similar study conducted in March 2013, in buildings such as Tower and YOO Rivage, both of which were, at the time of the study in March, with the closure of units with vendors . Many of the ads of the time were from sellers who were, in fact, can not close and had to sell at a discount to the pricing developer, causing prices to temporarily drop well below average market. Those salespeople have found buyers or rented their properties and most of the remaining inventory in those two particular buildings are being sold by the developer. YOO Prices have risen more than 25% compared to the offer in March last year, mainly due to the above.
The average price per square meter for Avenida Balboa apartments in Panama to buy of 100 meters today is US $ 2.377 / m (or just over $ 220 per square foot. In March 2013, a property with a similar price would have been US $ 212.500 or US $ 2.125 / m.
Another reason for the double digit appreciation is because each of the buildings along the Balboa qualified for full tax exemption 20 years he has, in some cases, made older properties (such as Bayfront and Grandbay) more attractive than the new inventory on the market, you only need between 5-10 years of tax exemption.
Demand for Avenida Balboa apartments continues to be driven by foreigners who prefer this location, due to shorter trip, ocean views and easy access to the system of parks and nightlife in the historic district of Casco Viejo at only 5 minutes.