In the first five months of the year, demand for rentals in the capital city fell by 18% according to figures divuldas by the Property Owners Association of Panama (API).
Philip Chen, vice president of this organization, confirmed the secret that has traveled the nation: aliens have arrived and left the buildings, but with lower rate, still under construction.
“Immigration has fallen and the executives who come looking for cheaper apartments. Currently the most requested properties are varying between 500 and $ 1000, “says Chen.
These unemployment figures, he joined the statistics released by the Directorate of Economic Affairs of the Chamber of Commerce, which indicate a fall in the price of square meter in the Balboa Avenue $ 3,000 to $ 2,500 and in San Francisco from $ 1,900 to $ 1,600.
BY NOW
For real estate analyst, Joseph Boyd, the fall in the occupation of apartments in the city is a “temporary phenomenon.”
“Signs of recovery at the end of the year again when the end of world economies recover,” says Boyd.
“The rental and housing market is changing. Three years ago the principal tenants were people from United States, Canada and Spain. Today investors are mainly from Venezuela, Ecuador, Colombia and Costa Rica “says the analyst.
For Boyd, the change experienced by the sector will grow to companies offering services: “With so many empty apartments that serves the industry has a niche market to attack. Maintenance and security are key sectors. ”
For the former president of the Panamanian Association of Brokers and Real Estate Developers (ACOBIR), Ivan Carlucci, the market is in reset. “This is no time for despair. Everything is changing, since the priorities of the clients until the prices of the units offer. Calm will return soon, “concludes Carlucci.
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