The construction sector of panama appeared to shift to commercial projects from the residential projects. The application for every new construction, addition, repairs in year 2009 from the month January to August has received a sum of USD 1.2 billion represents the increasing capability from the 2008. The panama president of the chamber of construction and development, Jaime Jovane has explained the global finance crisis that took place and they are probably expecting it as the impact of the market place. Read more…
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The consult with the top twelve real estate running project in Panama shows the result that not all of the rest estate companies dropping the prices even in this recession period. Read more…
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The estimated investment in the construction sector during 2008 is estimated at U.S. $ 1,500 million and by 2009 he will be smaller but positive.
A cooperation agreement was signed by the Panamanian Association of Real Estate Brokers (ACOBIR), with its similar in China, confirmed Osvaldo Marchena, president of the guild to the newspaper La Estrella de Panama.
The promoters of Panamanian real estate, explore new markets in order to offset the fall in sales came to reach the 772 units per month, but now are located in approximately 300 transactions per month.
Although there is no date set, Marchena said ACOBIR representatives will travel to Beijing within the next two months to promote the country among Chinese multinationals wanting to invest in Latin America.
As a tool to attract Asian capital to Panama, real estate developers out the benefits of Act 41 which contains a number of incentives for multinationals to establish their regional offices Panamanian soil.
Representatives of ACOBIR also encourage the signing of agreements with professional associations in the sector with other countries, Marchena said.
He added that a successful first visit to Canada, but not in Russia because the Russians prefer closer destinations such as Bulgaria, Oman, Dubai and Greece.
The estimated investment in the construction sector during 2008 is estimated at U.S. $ 1,500 million and by 2009 he will be smaller but positive, due to the global economic crisis.
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The Latin business chronicle magazine has published panama’s features prominently. The all panama’s banks are very liquid and the foreign banks have assumed a defensive postures as the foreign banks have cut the lines of credit to all the local banks. This has resulted to contribute a part to the real estate projects that are started. The developers have to come up with their part of investment and any cost overruns have to find the developer.
The projects that are geared to the lower brackets local market, say from units to sell. Panama’s economy has not see a fall even thought eh world market was kept changing and that affects a large sectors, still, the panama is seeing themselves to grow up their business and there are large investment seeing the goals. The growth development percentage of panama was figured 11% in the year 2007 and the growth development percentage in year 2008 was figured 9%. Year 2009, was an exception when it reaches to 5%, still, a good market seeing the rest of the world.
There is definite some pressure on the pricing, especially on larger luxury units, as some foreign clients have found it is difficult to tackle and to close their home economy anyways. The effect of the pricing is good enough as the new projects are still arriving to boost the market to upstairs. If the demand for those units at least prices are countered, there are still many north and Latin Americans that are looking the panama to be the safest place to invest and earn a lot from here. This is relatively safer place and politically and economically it has been established in the last few years that have also made a significant change for their goals and decisions.
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The estate sector searches for new alternatives in the multinationals.
PANAMA. Facing a reduction in potential clients for the purchase of luxury residences, the president of the Panamanian Association of Real Estate Brokers and Promoters, Osvaldo Marchena, proposes to take advantage of the conditions in Panama as a logistical center for transnationals to soften the impact of the “temporary reduction” of residential demand by foreign clients.
Marchena explained that there are large international companies interested in investing in Central America and they will have a need to base themselves in a strategic place with the right conditions. This signifies an opportunity for Panama, which possesses infrastructure, technology, and a telecommunication network.
The businessman assures that the country has the capacity to offer immediately residences and offices to those executives nad employees at the top of the corporate hierarchy that would have to move along with the company.
“When a company says I’m going to Panama, the executives need a place to live and can’t wait four years for a building to be completed,” he said.
“In Singapore there are more than 5,000 multinationals and in the world there are 60,000 in the same category,” he added.
Currently, in the Economic Area of Panama Pacific, operate the transnationals Dell as a “call center”, River Latinoamerica Industrial, I.P. Leather Corp, the Singaporean company Aerospace Engineering and ACCEL. Also Caterpillar and Procter & Gamble decided to move their Latin American seats to this special place. Meanwhile 3M is deciding when they will move. There are also credit-related entities that such as the Banco Latinoamericano de Reexportaciones that have Panama as their principal office.
But for the construction sector, the president of the Panamanian Chamber of Construction, Jaime Jované, suggests large investments in infrastructure to palliate the deficiency in demand of high cost properties.
DATA
According to the Comptroller, residencial projects in January of 2009 reduced by 31.2%, principally in the district of Panama City and San Miguelito.
Multinationals Dell, Aerospace Engineering, ACCEL and Caterpillar settled in the Economic Area of the Pacific.
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