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Colombia and Mexico compete with the Panamanian real estate offer

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  • Thu, 05/10/2018 - 16:32
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The expert in the Panamanian real estate sector, Kent Davis, assures that Panama at this moment is a buyer's market. The oversupply is still in force but in the face of a distortion that maintains high prices. "The demand has lowered the offer has gone up. In an economy, it should mean that prices go down. What happened in Panama? Prices continue to rise and it's not because of the demand but because of the sales promoters who are trying to pass their costs to the consumer."

According to Davis, buyers have the last word. "It's a good time to be thinking about a purchase." In his opinion there are sales promoters who want to obtain the volume of sales they had "three or four years ago" and can give competitive prices.

Parallel to the issue of prices in the Isthmus there is a reality that is related to the value of the currency in neighboring countries that have attracted investments in this sector. "Colombia that has a weak currency and that has very low price real estate market. Colombia is an investment competitor, as is Mexico despite the perception of high crime; also the United States market."

However, in terms of the facilities to carry out the investment, Panama has advantages. "The good thing about Panama is that we are still competitive in offering credit in addition to the acceptance of a foreign buyer who has the same rights compared to a Panamanian. In Colombia and Mexico there are other aspects that make the transaction difficult," Kent explains.

The real estate expert also said that the effects of the rapprochement between Panama and China will begin to have an effect in this sector as Asian giant entrepreneurs are already promoting investments in pilot projects that will incorporate new technologies with the intention of penetrating the Latin American market.

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