Words: Ashley Rigg
Published: 12th October 2009
Panama developers turn away from overseas property
Property developers in Panama are turning their attention away from luxury apartments aimed at foreigners to focus on the construction of projects aimed at the local market, according to Jaime Jované, President of Panamanian Chamber of Construction (CAPAC).
The majority of new investment is being aimed at the commercial market with office buildings and shopping centre’s being the main recipients. Surprisingly, given the state of the global economy, applications for new construction, additions and repairs rose 15% between January and August compared to the same period in 2008.
A survey conducted by the Ministry of Economy and Finance found that, at the end of June, there were 191 projects under construction. Most of the residential projects being built are in the areas of San Francisco, Bella Vista and Parque Lefevre.
Full story on
Panama Investor Blog.
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