Construction inside Panama, despite having been flowing during the first quarter of 2016, expects to sell more than 10,000 homes by the end of this year. This was announced by Elisa Suarez, director of the National Council of Housing Promoters (Convivienda) during the presentation of financial results for 2015 and projections for 2016.

The value of the construction inside Panama in the first quarter, fell 10% over the same period of 2015, registering an increase of 13% in the value of residential construction and a drop of 26% in non-residential construction.

Construction inside Panama – Gogetit Highlights

* The 13% increase in the value of the buildings, residential additions and repairs registered between January and March was not enough to offset the decline of 26% in the value of non-residential construction.

* Data from the General Comptroller of the Republic, showed a total drop of 10% in the value of the buildings between the first quarter of 2015 and 2016.

* In all constructions, the district of San Miguelito was the one who recorded the lowest figure, with a total value of $13.6 million, 70% less than the value registered in the first quarter of 2015 constructions.

Construction inside Panama, has been up and down in recent years. About two years ago (September 2014), the amount of construction of Panama, totaled 845 buildings, additions and repairs to the main districts of the country. In addition to this, the value of residential projects, was around 120 million dollars.

Residential construction, meanwhile, whose total value in the period grew 13% over the first quarter of 2015, had a notable increase of 31% in the value of the registered in Panama buildings and 12% in the registered in David, Santiago, Chitre, Aguadulce and La Chorrera.

For about five years ago, the construction inside Panama, has allowed to have a wide range of options in the housing market, which has been able to get different alternatives for all those who are interested in renting or buying a property. Real estate projects in Panama that are currently on the market, seeking to meet current needs and go beyond the comforts of the future owner.

It is important to note that it has been confirmed an increasingly transformation of Arraiján and La Chorrera into major urban circuits, covering more than 40% of the total housing projecting sold this 2016. Arraijan and La Chorrera have gone from “bedroom cities” to major urban nodes. In fact, for this 2016, Convivienda projected a total of 10,503 units, more than 40% will be sold in these two districts.

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Moreover, in the construction inside Panama, is evident the gradual disappearance of social housing, which does not exceed $40.000. This type of housing went from selling 798 units in 2015 to a projected 469 for this 2016. This is due to increases in land costs, inputs, labor and government taxes.

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