PanamaQmagazine.com
While there has been a noticeable slowdown in this sector, Panama real estate has survived and still chugs ahead.
Two years ago due to the boom and the ensuing downturn it was expected that prices would come down significantly. Predictions were there would be a surplus of 8,000 unsold apartments in the Panama market. The reality now in 2011 is there are 3,773 surplus apartments.
Between 2010 and 2013 it is expected that 15,360 new apartments will come to market, however 9,276 are already pre-sold. The sector showed modest growth in 2010 as it grew 4.3% from January 2010 to October 2010.
Part of the Panama Real Estate sky line
Real Estate is in an adjustment period. Those builders who can are re-adjusting the projects “to supply and demand mode” for apartments below $100,000.00 where the demand is greatest. Several Class A projects are still going up and Panama still leads Central America in terms of the tallest apartment buildings. These projects are currently being marketed in the US, Canada and Europe.
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