In 2014 the real estate market in Panama will continue a positive trend. During 2013 sales have increased by 8%, but the forecast for 2014 is ever higher at 14%.
There were 7,627 units sold in 2013 which converted in dollars is 816 million. The expected number for this year is at 9,773 units. Naturally, the biggest supply of the real estate is in lower segments with prices between 50 to 65 thousand dollars.
There are offers with even lower segment in market with prices 40-50 thousand which makes up to a big proportion of the total sold units in 2013 with 1,088 units. For the above market the choices are quiet limited for obvious reasons.
General characteristics of the market in Panama right now is this: the population is gradually switches its interest from the economy-class housing (30-40 thousand. Dollars) to the market at a higher price category. In addition, the lowest will tend to go out of market due to rising prices in construction materials and growing salaries.
One more tendency is the continuing growth of Panama City which constantly expands to the suburbs. Center of the city is close to its saturation, there are obvious problems with traffic, water and electricity supply. Meanwhile the territories on the west and east of the city are beginning to develop further and further.
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