New bridge plans escalating land prices

The interest in reverted properties, especially in the Pacific, has increased due to the shortage of available land for building in downtown Panama City.

Calculations by the Administrative Unit of Reverted Properties (UABR )) indicate "that this year about $80 million could be obtained from the sale of the lands that were returned by the United States to Panama," reports La Prensa

Up until last Friday there was on the website of the Administrative Unit of Reverted Properties (UABR) a list of 44 properties, mostly in the Pacific, ready to be auctioned.

In the area of Altos de Batele there are lots that have an estimated value of $40 million because of their proximity to the sea. One factor which has fueled interest in the reverted areas in the Pacific are the plans to build a new bridge over the Canal, which would improve the flow to the west of the province of Panama.