Real estate market remains in ICU

70% of sales were below $120,000

 
726Views 16Comments Posted 30/04/2021

Panama’s housing market is still in intensive care but showing signs of recovery during the first quarter of the year when sales exceeded the movement registered between October and December of last year, said Diego Vallarino, executive president of Grupo Verde Azul, in an analysis presented to the members of the American Chamber of Commerce and Industry of Panama. (AmCham) on the impact of teleworking on the real estate sector.   According to data from the Panamanian Association of Real Estate Brokers and Promoters. At the end of the first quarter of 2021, the inventory of residential units was reduced by 1,000 homes, although there are still 24,000 homes completed or under construction.

Over 70% of sales were concentrated in the range of $120,000 downwards, but there was also an increase in the placement of homes whose price ranges between  $400,000 and $600,000.

One of the segments that has registered the most demand in recent months is properties on the beach or outside the areas with the highest density.

It was shown that productivity increased with teleworking, a modality that attracted benefits for the employer and worker, such as lower expenses, better use of free time, among others," he said.

For real estate developer Félix Carles, teleworking allows people to be connected anywhere without affecting their obligations, a benefit that made it easier for people with the necessary purchasing power to choose to acquire a second home in the beach sector.

"Whoever could left the capital city to get rid of the stress of months of confinement," he said.

But while the inventory of residential properties has decreased in recent months, the available premises in the commercial sector have increased by about 27,000 square meters, a rise of 1.5%, attributed to the closure of companies.

Vallarino said that the real figures for the commercial sector will be known once the country's health situation normalizes since at that time, companies will decide whether to keep their workers teleworking or return to their offices.



Comments 16

user
Trinity

We left our rental in Playa Blanca when covid hit. We had already had enough of no water and electric for 3 months and were planning on leaving when our 6 month lease was up. one month of lockdowns and seeing the twitter and instagram feeds of abuses prompted us to take an evacuation flight early. Many people are upset about Covid but the truth is that Covid exposed a lot of truths about Panama and has probably saved thousands of people from making the poor choice of moving there. there's always a silver lining if you look hard enough.

11 days ago
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Tomcat

Given the abuses that have taken place in Panama over the past year I'm not surprised no one want to move or invest there. Like another commenter here pointed out Panama locked people inside and husband and wives couldn't leave home together even to shop. People caught violating the ever changing decrees where beaten by police and then arrested. Everyone became a snitch ratting out their neighbors. Violators were marched through the streets in public shame parades. Every type of abuse was perpetrated against the people. A massive exodus of foreigners took place over the last year and more people want out if they can unload their houses. Never ever buy in Panama because a bigger sucker is no longer coming to get you off the hook for your bad investment.

11 days ago
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Pedasi

Real estate in Panama is a suckers bet. Oh Ya makes a good point that most people flee Panama within 3 years, sooner if they are renters. Drinking is how everyone even the locals take the edge off. Seco is the new Soma, a gram is better than a damn! To quote Huxley.

11 days ago
user
Coiba

Hahaha Kathleen Peddicort believed her own propaganda and now has a failed project here on the coast. I guess if you serve that kool aid propaganda long enough sooner or later your bound to try a sip or two LOL!

11 days ago
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Sinclair

I lived 8 months in the Azuero before I finally broke my lease and bailed. I found there to a mix of gringos from varying walks of life. Yes most are poor but that does not make them bad people. There is a constant struggle among the gringo crowd trying to come to grasp with the reality of their situation. I met one American who had been robbed by his Colombian wife. I met others who inspite of trying to build a life the daily aggravations of Panama robbed them of their happiness. A few stories circulate of people being cheated in various ways. I met many low level govt retirees on pensions trying to survive in Panama. Buying real estate was always a mistake. Drinking in excess is a pastime in Panama to temporarily help with the depression that sets in. I imagine it's only worse given the authoritarian regime in charge there now. Some gringos sell burgers on the streets or open dirty little fondas, pizza houses etc but most went broke or got swindled. Given my advanced age I decided Panama was not the place I wanted to die so I moved on to greener pastures. This was my experience your mileage may vary.

11 days ago
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Simplicity

Most expats paid cash for what they have here so they can take a loss and leave. At what point do they finally throw in the towel and say enough is enough my happiness is worth more than money? Lot's of peoole duped in the early years but now the Panama story is more prevalent and less people are willing to buy. Unless you are holding Rights Of Possession (ROP) property you should be able to liquidate to a local and escape. ROP was another sucker bet that many have been burned on in Panama. Remember the local saying in Panama... Gringo the other white meat!

11 days ago
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Veraguas

Panama was over promoted by hustlers like Kathleen Peddlecrap. The reality is nothing like the image. Burundi makes some good points. Many people bought into over priced real estate. Others got scammed by con artists and grifters. Many people stuck here either in real estate or life savings swindled and now have no money to relocate. Panama makes a shitty prison for life if you can't leave it.

11 days ago
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Burundi

We visted Panama twice and explored it as a possible retirement destination. Very low brow and many poor people including expats struggling to get by. Everywhere we went from Bocas, Boquete, Azuero, Coronado.. people flocked to try and show us overpriced terribly built real estate. Most expats we met were poor but very pleasant Canadians trying to get by in Panama. We stayed at an airbnb for 4 days in Coronado and usually didn't have electric or water for several hours everyday. Stifling heat and mosquitos by the millions made sitting on the balcony impossible. If you are poor Panama is an option. Successful people have better options!

11 days ago
user
Burundi

We visted Panama twice and explored it as a possible retirement destination. Very low brow and many poor people including expats struggling to get by. Everywhere we went from Bocas, Boquete, Azuero, Coronado.. people flocked to try and show us overpriced terribly built real estate. Most expats we met were poor but very pleasant Canadians trying to get by in Panama. We stayed at an airbnb for 4 days in Coronado and usually didn't have electric or water for several hours everyday. Stifling heat and mosquitos by the millions made sitting on the balcony impossible. If you are poor Panama is an option. Successful people have better options!

11 days ago
user
Burundi

We visted Panama twice and explored it as a possible reirement destination. Very low brow and many poor people including expats struggling to get by. Everywhere we went from Bocas, Boquete, Azuero, Coronado.. people flocked to try and show us overpriced terribly built real estate. Most expats we met were poor but very pleasant Canadians trying to get by in Panama. We stayed at an airbnb for 4 days in Coronado and usually didn't have electric or water for several hours everyday. Stifling heat and mosquitos by the millions made sitting on the balcony impossible. If you are poor Panama is an option. Successful people have better options!

11 days ago
user
Expat

Celeste i am with you. As long as Cortizo is in power Panama is a no go to a lot of people.

12 days ago
user
OBSERVER

Well said O Ya. And as for General Butler spreading hit BS, without reference to the news item it makes me wonder at his grasp of science

12 days ago
user
Oh ya

Well panama has warts like every other country in the world . Gerald did not do his homework. Likely only visited once before he bought like many others have done.. Got sold on his holiday eyes. Seen lots of these folks in my many happy years here because unlike many i visited many times before i bought. 3 years seems to be the number for many before they leave. Seattle, Portland, Chicago and many other leftist hell holes would be way worse than Panama. At least Gerald has the balls to admit he made a mistake. And with many the mistake is they think panama is going to just like their home country except cheaper. Which for the most part it is cheaper vut not just like home.. And Celeste is either a troll or just plain stupid. Thinking about moving to the tropics and whining about mold. Not even knowing why most places are build out of block. Good stay in Florida and stop bad mouthing a country you know nothing about. We already have enough whining Americans here anyway

12 days ago
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General Butler

It is impossible to believe an independent sovereign nation led by independent politicians of moderate intelligence would commit the kind of socio-economic suicide Panama has endured. Inexpensive well researched therapies such as HCQ, ivermectin, Vits D & C, and nebulized budesonide and hydrogen peroxide have been ignored and even maligned. Again, it is impossible to believe that any of this could happen in a rational and free environment. And recognizing how almost every government on the planet is falling in line, ignoring therapies, promoting experimental injections and 'health passports' irrespective of human rights violations and just plain common sense, it only stands to reason that the whole thing is a massive worldwide psyop just as the conspiracy theorists have been theorizing from the beginning.

13 days ago
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Celeste

We explored Panama in 2019 and found the real estate to be very expensive for what you get. Poor contruction with cheap materials. Doors that didn't close and everything built out of concrete block that had stress cracks all through it. I also noticed quite a bit of mold and mildew in every hotel no matter how high end it was. I found the same to be true in all the kitchens and baths of the homes for sale. My husband has asthma and mold was a deal killer so we passed on Panama. Then came tje corona virus a few months later and we like many read in horror at the abuses taking place in Panama. Husbands and wives not allowed out together, no shopping same day, police beating curfew violators, public shaming of covid violaters by marching them through the streets to be cajoled. The scab was peeled back and the true Panama was revealed. We are happy to stay in Florida where life is cheaper and we can go shopping together and have dinner out with no mask. Thank you Gov DeSantis. We have put the people trapped in Panama in our prayers and hopefully God will find a way for you to return.

13 days ago
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Gerald

The Panama real estate market was overpriced and dead long before the Kung Flu came along. So many of us have had places for sale and have even reduced our prices multiple times. There's just no buyers, no one wants to come here anymore and who can blame them. No electric or water most days. Trash on the streets even when I try to pick it up everyday in front of my house. Police checkpoints all over the place writing multas if you forget your mask. Panama is 3rd world living at 1st world prices. I was one of the suckers who purchased here and freely admit my mistake.

13 days ago
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