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. Today the price per square meter on Balboa Avenue is approximately $2,300.
"Michael Fernandez, chief economist of the Panamanian Chamber of Construction (CAPAC) stated that, this project definitely opens a window of opportunity, focused on the process of modernizing the city, and of course which the construction sector will benefit from", published Panamaamerica.com.pa.
Source: Panamaamerica.com.pa
More on this topic
June 2010
The market expects land prices to increase in those areas where the first line of the metro system will transit in 2014.
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”.
September 2011
In the past two years, the value of constructions in the district of Arraijan, in the central-western part of the Province of Panama, rose to $200 million.
Of all the money invested, $97 million corresponds to non-residential projects.
According to the President of the Panamanian Chamber of Construction (Capac) commercial and real estate investments are continuing to grow to the west, even as far as Capira.
June 2009
Prices for properties in the main zones of Panama City dropped in 2009 by between 15% and 20% compared to those of 2008.
Figures from the Department of Economic Affairs at the Chamber of Commerce, Industries, and Agriculture of Panama, which were published at Prensa.com, indicate that “in 2008, the cost per square meter for an apartment on Balboa Avenue was, on average $3000, but in 2009 it fell 20% to $2500; Similarly, in San Francisco, the cost per square meter was $1,600, 15% less than in 2008."
April 2009
Sales are slower and getting credit is not as easy, but the effects of the crisis are, until now, softer in Panama than in other countries.
Although the situation is not the boom that it was two years ago, when Panama City was growing rapidly toward the sky, the figures are still in positive terrain.
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