Paralyzed  real estate industry facing long haul recovery

Real Estate sales in Panama have fallen by 80-90%  because of the pandemic says The president of the Association of Real Estate (Acobir), Frank Morrice Arias,who is calling on the government’s Solidarity program for support for brokers.

He stressed that, in addition to COVID-19  problem, they had already been facing a market hit due to the decrease in prices in the last four to five years, but with the completion of the Acobir Fair, they had had good results and were emerging from the bad cycle.

“Our industry has not escaped the impact of the pandemic; In our case, we have been affected in various niches, in the area of corridors, for example, we have been unable to offer services in an  orderly and appropriate manner, “he said,

so they asked the government for the possibility of supporting the brokers At the project level, he said,   paralyzed works, will lead to an increase in costs and it is very likely that the promoters will pass them on to the consumer.

“Basically, it is very difficult to make a transaction or move right now,” he added.

The residential sector, it will take about three to four years to absorb all the inventory they have and  for office commercial, where for several years they had excess inventory, it will take five to seven years to recover