Apartments for rent in Panama have increased the pricing

The apartments for rent in Panama, located specifically in the metropolitan area of ​​Panama, showed a growth of 6.1% in the first half of 2016 compared to the same period of 2015, while home purchases increased 3.3%, for the promotion of residential buildings in previous years, according to information published by CBRE Panama, the leading global company in comprehensive real estate services.

“The average rental rate for Class A projects such as Punta Paitilla, Punta Pacífica and Avenida Balboa, increased the price of the square meter compared to last year.”

Apartments for Rent in Panama – Gogetit Highlights

• The year 2015 ended with 8,362 units sold dwellings (houses and apartments). For this year, it is estimated that a total of 2,191 units of residential apartments will be sold.

• The apartments for rent in Panama, have shown a price increase for the first half of this year.

• 70% of people who rent are foreigners, since Panamanians have facility to obtain credit.

It is no secret that many multinational companies choose Panama as headquarters operations. In fact, foreign direct investment (FDI) in Panama, amounted to $5,038.6 million at the end of 2015. All these companies bring large numbers of foreigners who need housing, either home or apartment. This is where the apartments for rent in Panama are the preferred option for most people. However, these prices have been increasing for more than five years ago and it seems that the trend marks a rise in prices.

Coordinator Market Research CBRE, Eileen Chévez, reported that “the market for apartments for rent in Panama is increasing due to the arrival of foreign and multinational companies in the country”, which has caused that the value of leases in the capital city has been triggered.

Moreover, according to the National Council of Housing Promoters (CONVIVIENDA), 2015 ended with 8,362 units sold dwellings (houses and apartments). For this year, it is estimated that a total of 2,191 units of residential apartments will be sold. This represents 20.8% of the total estimated large residences in the city of Panama at the end of 2016 sales.

It is important to note that the main price increases were recorded in the line just in front to the Cinta Costera (Avenida Balboa, Punta Paitilla, Punta Pacifica and part of Bella Vista) at a cost of $16 per square meter, followed by properties in the eastern periphery (Costa del Este and Santa Maria) to $15 per square meter and finally, properties located in the southern area (Marbella, Bella Vista, San Francisco, Coco del Mar, Via Israel, Via Porras) with an increase to $13 per square meter.

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In figures

The average rental rate for Class A projects, located in Punta Paitilla, Punta Pacifica and Avenida Balboa compared with last year, increased and went from $13.85 per square meter per month to $16.00 per square meter. For Class B projects, located in Costa del Este and Santa María, the lease rate remained at $10.00 per square meter per month. All housing price increases recorded over the first quarter.

“The real estate sector in Panama is gaining momentum and is expected in the next five years sales and rentals will increase not only in the capital but also in the interior of the Republic.”

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