Housing prices rise in Panama

Housing prices rise in Panama

Housing prices in Panama increased considerably in the last 18 months. This is indicated by the latest report of the Panamanian Chamber of Construction (Capac) which calculated a 21% increase in this sector.

In January 2015, the housing average price per square meter (houses and apartments), in the capital city was $1,700, and by June 2017 it had risen to $2,050, an increase of $350, according to the report.

In the metropolitan area, you can find housing ranging from $928 to $2,892 per square meter.

The high wages of workers and inflation in the country have influenced the increase in prices, according to a note published in La Estrella.

According to Capac, wages in the construction sector increased 12% in 2014 and 4.5% in March 2017. Inflation rose 2.6% and 1.7% at the same time, respectively, according to the report.

However, the costs of construction materials have declined while increasing production, promoting the growth of the sector. For example, the production of ready-mixed concrete increased 13.5%, in the first months of 2017.

Rents increase

Not only the sales have increased, but also the rentals. Income rose 2.4%, according to the Consumer Price Index (CPI) of the Comptroller General of the Republic.

In Panama, it is possible to rent a one-bedroom apartment in the city center from $858 per month, while outside, but close to the place, it is possible to do it with $545, prices that exceed those registered in the Region, according to Numbeo, a global database of prices reported by consumers, according to Panama America.

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