The housing projects in Panama, over time, have sought to benefit and meet the needs of the general population, regardless of their economic status. However, the annual population growth, which is 3%, the high cost of the construction industry and the lack of public policies, have generated a persistent housing deficit in the country, reaching more than 150,000 families.

Housing projects in Panama – Gogetit Highlights

* The latest report of the Comptroller General of the Republic on the evolution of prices of construction materials, recorded an increase in important areas, including the sand (4.2%), the stone yard No. 4 ( 2.4%) and 94 pound sack of gray cement (1%).

* There is currently a housing shortage in the country that leaves more than 150,000 families homeless. Of this number, 60% are poor people.

* Experts say the housing deficit is generating increase informal settlements (land invasion, squatting) and overcrowding, when several families live in one house.

Housing projects in Panama are usually very varied and include price ranges that allow anyone buying property in the country. But recently, it has been experiencing a housing deficit, as the houses at a cost below U.S.$ 40,000 are scarce, although this is the range in which the deficit is truly a priority level.

The authorities in the construction sector, demand projects to require certain characteristics that lead to the homes being more expensive than normal. There are requirements to housing should not be a priority interest, so that the costs do not impact much in the final price of housing, since everything has gone up in price in the industry (materials, labor, taxes and fees).

For housing developers, is complicated to build homes for poor people, because despite the rising cost of materials, land, labor, among others, the Ministry of Housing and Land Management (MIVIOT) states that the houses, whose sale price is up to U.S.$ 50,000, must have a closed area of ​​50 square meters. In addition, at least it should consist of enclosed spaces such as living room, two bedrooms or bedrooms, kitchen with sink included, bathroom with shower, toilet, sink, drying rack, closet or wardrobe area and a reservoir for waste.

Also, it should consist of open spaces as a portal and laundry and comply with the minimum standards of urbanization, with structural specifications Panama Regulations 2004 (REP-04) or real estate solutions approved by the competent authorities.

With all these requirements, the housing projects in Panama are becoming more expensive and more people in need, can afford only a certain amount of money and can not access the market is offering. However, some housing projects in Panama, are usually pretty full and the prices are not so high. In Gogetit, you can get many options to invest in this type of housing.

Housing projects in Panama

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.