![]() Unemployment is manageable and currently hovering around 10%. Panama’s current mayor is commonly seen, almost unanimously, as one of the most ineffective mayors in the last 30 years.ĭespite the disappointment in the effectiveness of City Hall and the occasional, mostly non-violent protests, Panama’s political environment has, since Noriega’s ouster in 1990, been stable, predictable, and for the most part uneventful. And as luck would have it, also his initials. Torrijos, who was president from 2004-2009 has become an early favorite for the Panamenista party, which usually forms a coalition with several other parties such as the Partido Popular.Īnd Martinelli, somewhat of a political outcast but a populist hero, continues to position himself as a viable candidate for a party he created: RM, aka Realizando Metas (achieving goals). While it is way too early to start trying to call the election, current front runners include two former presidents: Martin Torjios and Ricardo Martinelli. Panama’s political scene generally starts to get interesting around this time, as the presidential candidates start posturing for next year’s presidential elections. Interest rates have also gone up by 50 basis points over the last 12 months.įoreign buyers for real estate in Panama generally tend to favor an all-cash purchase. Some of this increase can be attributed to a tightening credit market for new home purchases, mostly from local buyers. This number is up by over 10% from the same period as last year and currently represents 28% of the total inventory both planned, in construction and completed. Namely the increase in newly finished, unsold inventory which is currently hovering around 4,200 units. ![]() There are, however, a few storm clouds we are tracking. A weakening Dollar is also bringing in foreign buyers. ![]() Stability and safety continue to be a top concern. This, combined with fewer new construction project starts could make for a very interesting next 12-24 months in the Panama City, Panama real estate market.ĭemand from foreign buyers also continues to trend upwards, fueled by political angst in places like the United States and Canada as well as continued concern about regional security from European buyers. New inventory aka recent project completions of homes and condos for sale in Panama City also shows a reduction of 20%, according to Galeria Inmobiliaria International’s April report. In fact, the average number of transactions per building is up by more than 30% (source: Public Registry of Panama).Ĭondos for sale in AAA buildings such as Allure at the Park have seen the price per meter closed-sale prices go from an average of $1,890/m2 in 2021 to an average of $2,139/m2 or a 13% increase over the last 24 months. The Panama City, Panama real estate market continues to show an increase in property values compared to this time last year due mostly to decreasing inventory. ![]()
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