Panama Metro continues to positively impact the housing market, the areas nearest to the construction of the Lines 2 and 3 are going through the highest housing demand.
In fact, Panama Metro sources indicated that developers have requested zoning changes near future Metro stations in order to construct buildings with less spacious parking spaces in order to use the land with higher profit. However authorities have not yet approved that initiative.
The president of the Association of Brokers and Real Estate (Acobir), Eric Van Hoorde, said that the housing sector benefits from all the infrastructure improvement that experiences Panama, which includes Canal expansion, new subway lines and roads.
Hoorde notices that now it is clear that the market and investments move towards the areas next to the future lines of Metro 2 and 3.
The general plan for the development of Metro Panama includes the construction of eight lines in the next 20 years. However for now there is only the first line which has been in service for a little over than 2 years and totals with 100 million trips. This means that trains run 18 hours a day and the system serves about 270,000 passengers.
The Panama Metro has plans to expands until 2040, in addition to Line 2 and Line 3, there totally will be five lines (Pedregal-Punta Pacifica, Costa del Este-Obarrio, Tram Albrook-City Health, Don Bosco tram-Villa Zaita, tram Old Town). So far Line 2 has been 15% ready.
The real estate sector in Arraijan also experiences unusual activity as the plans on the construction of the 3rd line became clear and the project is soon to begin. The 3rd line will be financed by the Government of Japan.
In fact, after a slow start in the beginning of the year, investments in Arraijan in April of this year totaled $14.7 million, which represents 37.6% growth, according to the figures from the Comptroller General of the Republic.
