The construction sector in Panama will not reach expectations for this 2014, which is estimated to increase by 14% compared to last year. This is because a low of 30% in building permits has occurred due to the slow approvals permits.

Gogetit Highlights

* For 2013, the private company boosted U.S.$ 1,200 million and is planned to grow by 14% by 2014. They estimate reach 10% and 12%.

* The construction sector will not reach expectations outlined growth of 14% this year, according to the Panamanian Chamber of Construction (Capac).

* Delays in issuing permits are due to the transition of government and lack of communication between entities that do not have clear rules.

According to information published by the information portal La Estrella, until October, the level of ongoing projects has been growing, but it has had a 30% drop in building permits by the slow approvals necessary permits, said Roderick McGowen, president of Capac. He also informed that the Directorate of Municipal Works of the Mayor of Panama has been rejecting documents that deal with the safety standard (NFPA 101) involving sprinklers, ladders, gas system, where firefighters are responsible.

There are some projects being approved and have not consulted with the sector. One of them is the bill that protects the mangroves of Panama Bay, which would have a strong impact on the construction market because it touches areas near 15 approved preliminary, residential and infrastructure located from Costa del Este to Pacora , the residential sector is growing.

Twenty years ago, the city of Panama had use of low and medium density, but with the real estate boom that’s protagonist, changes in land uses high density residential (buildings) without major economic costs were promoted for those who have received the benefit. There is a very big challenge, which involves adapting the infrastructure changes has been facing the city.

Read more information here (article in Spanish).

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Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.