Real Estate Boom in Panama West
The value of building permits processed five years ago in the districts of La Chorrera and Arraiján amounted to $208 million, but at the end of 2016 it was estimated at $313 million.
Growth in real estate development in Panama West could be further enhanced once Line 3 of the Metro starts to operate, and the fourth bridge over the Canal has been built reports CentralAmericaData.
La Prensa. reports that “…Five years ago, building permits for residential and non-residential areas in the districts of Arraiján and La Chorrera totaled $208.3 million. Meanwhile, last year the preliminary figure for permits was $312.9 million, which represents a $104.6 million, or 50% increase in the construction sector in the country, according to the Comptroller General..”
The development of the area has led to an increase in the valuation of the land. “… The cost of land in these areas can range from $5 to $200 per square meter depending on the type of project or housing. Included in the range are affordable housing units at $50,000, with preferential interest up to $120,000 or much larger homes sold at $400,000.”
