The Luxury Housing Market in Panama

In the first six months of 2011, of the total amount of real estate transactions only 2% related to the sale of luxury real estate projects.

The executive director of the National Housing Promoters (Convivienda), Elisa Suarez Gomez, said that building of luxury residences has been reduced in the first half of the year. "... In luxury segments, those costing upwards of $350,000, sales depend heavily on the foreign market, so the crisis in European countries, Canada and Venezuela, has made for significant changes in the sales process", said the director to Panamaamerica.com.pa

81% of construction from the first half of the year is from the range costing up to $80 000.

Source: Panamaamerica.com.pa

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