Crisis Affects Panama Real
Estate
Panama - The Panamanian real estate sector shows the effects caused
by the international financial crisis, with a fall in sales and
housing construction during the 2008 fiscal year.
Sales by businesses of the National Housing Promoters (CONVIVIENDA)
group reached us$406 million, a backward step in relation to 2007,
when operations amounted to us$491 million.
Statistics also showed that CONVIVIENDA built and traded 4,822
housing units, equivalent to 1,476 less than those built in the
previous fiscal period.
In reference to the occupation permits granted in the metropolitan
area, contracting reached 27 percent, going from 10,807 in 2007 to
1,878 the past year.
Executives of the institution said that behavior answers to the
global economic crisis, the adjustments in credit policies, increase
in construction material prices and salaries.
In this regard, the 2009 strategy is oriented to the local market,
because there are several high-budget projects, mainly aimed at
foreign clients that have been postponed. |
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