The construction sector in Panama is in constant growing. An example of this, is the number of new residential projects that will be exhibiting at the upcoming edition of the Housing Expo 2015, organized by the Panamanian Chamber of Construction (Capac).

Gogetit Highlights

* Of the 480 projects to be exhibited at the Housing Expo 2015, 219 are apartments, 177 are houses, 42 correspond to beach developments and the commercial segment has 42.

* The Capac statistics reveal that houses most wanted in the last two fairs are in the price range of U.S.$ 40,000 to U.S.$ 120,000 with 92%.

* The supply of apartments is concentrated in the Panamanian capital in sectors such as San Francisco, Avenida Balboa, Rio Abajo, El Dorado and Costa del Este, among others. In contrast, residential projects grow in Panama Oeste (Arraiján, La Chorrera and Capira).

In the upcoming days, will be held in Panama the Housing Expo 2015, organized by the Panamanian Chamber of Construction (Capac). In this important event, which will be from May 21 to May 24, there will be shown to the public 480 proyects executed by 140 promoters. In this edition of 2015, it seeks to exceed the figures of previous years. In 2013, they were requested 3,560 housing units worth U.S.$ 258.4 million and in 2014, 4,117 units were requested for an amount of U.S.$ 327.4 million.

According to information published by Capital Financiero website, 45% of households are located in Panama Centro, 22% in Panama West, 12% in Panama East, 11% in areas of beaches and 6% in North Panama. Only 4% of the offering will be exhibited at the fair, it will be for the other provinces.

Residential projects have continued to grow in Panama, and it is important to note that, unlike previous years, whose buyers were, mostly, foreigners who wanted to invest in the country, has also been observed that many Panamanians have invested in this kind of project. The president of the Housing Expo 2015, Alejandro Ferrer, said that “the apartment market has focused a little more to local buyers.”

According to the authorities of Miviot, Panama’s housing deficit is estimated at 150,000 homes, affecting families with lower financial resources. To decrease it, the government is promoting two social programs: Ceilings of Hope (providing build 70,000 homes in the presidential period) and the Housing Solidarity Fund (with U.S.$ 10,000 bonus) for homes valued up to U.S.$ 50,000.

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.