Although the government elections and following delays on the permits issue have made 2014 a turbulent year, the real estate sector remains optimistic entering 2015.
For Ivan Carlucci, an expert in real issue in Panama, prices will reman at similar level, but the government should move forward issuing permits, which will certainly provoke movement in the market.
He explained that these delays cause problems in terms of directs losses of the clients and final results of the project.
"The approvals are taking longer to receive than it normally takes right now we look at three to six additional months".
However, the real estate sector looks bright in 2015. Carlucci said that he hopes the office and condos occupancy will improve throughout the year.
Felix Carles, promoter of real estate in Panama on national and international levels, has similar ideas. The expansion of Canal will attract many new investors with their families.
“Same happened when Procter&Gamble, Dell, Caterpillar came to the market in Panama and their directors and employees brought their families. In no time over 500 luxury units had been sold”, said Felix.
Panama develops its potential as the world’s logistics center. With recovering economy in United States, the future looks bright.
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