Panamanian Metro To Increase Land Value

The market expects land prices to increase in those areas where the first line of the metro system will transit in 2014.

Wednesday, June 16, 2010

Realtors consider that it is too soon to predict how much prices will increase in areas nearing the $1.5 billion project. According to Fernando Arango Morrice, president of A.I.R. Appraisals, “we must wait until the metro and its stations are operating to asses any changes in the price of land”.

The expert also told Laestrella.com.pa that “it is important to determine how much people will use the system”.

More on this topic

Panama Invites Tenders for $3.5 Million Valuation Services

September 2010

The country's property register is looking to contract real estate valuation services for properties located in the Punta Pacifica and "Costa del Este" areas of the capital.

There are two separate contracts: 2010-0-16-0-08-AV-001130 worth $2.1 million in exclusive Punta Pacífica and 2010-0-16-0-08-AV-001134 worth $1.4 million in newer Costa del Este.

Sale of Lots in the Colon Free Zone

March 2012

A bill will allow the sale of the land in the Colon Free Zone to companies who are currently renting the spaces they occupy.

The government plans to gain revenues of $100 million from the sale of land in the Colon Free Zone, while acknowledging that it still does not know "how much will be raised in total because there have been no commercial appraisals of the land," according to the minister Frank De Lima.

Panama To Invite Bids for Real Estate Appraising

June 2010

The government will put out to tender a contract for appraising real estate in Punta Paitilla.

In order to update its real estate registry, the Ministry of Economy will hire companies to perform a massive number of appraisals in the metropolitan area. Some 12.000 lots will be evaluated.

The Metro Generates Real Estate Opportunities

October 2011

Great interest is being taken in land and homes in areas near to the new Metro stops.

Real estate industry representatives agree on declaring areas where underground stations will be located "gold mines".

The price per square meter could rise to the same values or even higher as those currently paid on Avenida Balboa, the area considered the most expensive in Panama.

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