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Cozy apartment of 92.55m2 in via Condado del Rey for sale. This apartment is located in one of the most central areas of Panama City. Only five (5) minutes from Altaplaza mall, near banks, private schools, universities, pharmacies, supermarket; direct access to the north corridor, clinics among others. It has : * 3 Bedrooms * 2 Bathrooms * Closed balcony * Lounge - Dining room * Washing Center * Kitchen * 1 P...
Apartment with excellent distribution and illuminated spaces, views of the city, steps away from supermarket, coastal strip and immediate access to the main roads of the city. - 160 m2 has a large terrace to enjoy pleasant moments. - 3 bedrooms. Main bedroom with Walk-In Closet. - The building is ideal for families, only has 27 floors of apartments, providing greater privacy. - 2 Bathrooms - Kitchen and Laund...
- The 2020-2021 worldwide economic projection is a decrease of GDP of -4.9 for 2020 (percent variation), with a forecast of growth of +5.4 for 2021 (World Economic Outlook Update, IMF)
- In the same report, Latin America is expected to have to have -9.4 in 2020 and 3.7 in 2021.
- Panama, according to the IMF, the Global Bank and CEPAL (Economic Commission for Latin America and the Caribbean), the GDP will be dropping to 2%, then rise with 4%.
- 270,000 suspended contracts in Panama (INEC, National Institute of Statistics and Census)
- Regarding fiscal policies, the IMF recommends raise public health costs, and provide tax reliefs, among other actions.
- The Panamanian Government has obtained financing in the order of $5,206 million USD, through bond issuance and through entities such as the IDB, IMF, and the World Bank.
- Regarding the real estate market, beyond perception, the indicators show us a reality: we experienced a sudden stop in the second trimester of 2020. To name a few of these indicators:
- The residential market, regarding prices above 120,000 USD, has fallen by 87% compared to the same period in 2019. By extension, units under the previously mentioned threshold fell by 57% (INDESA, MKTEdge Platform)
- An important detail: foreigner participation in real estate acquisition has remained at 40%.
- The fall of the >120,000 USD segment has reduced the pricing of primary projects. Reviewing the top 5 best sales sectors (Juan Díaz, Parque Lefevre, Bethania, San Francisco y Bella Vista), there has been a decrease of -11.6% in the square meter’s price, which impacts the larger units the most.
- In the -120,000 USD segment’s case, price structure, and the main market’s positioning has remained the same.
- This landscape offers us a series of challenges – changes in the government’s incentives’ program and the bank sector’s proposals to bolster our economy. Real estate initiatives, sales and mortgages’ activation, new forms of funding and access to real estate are part of the actions that will be seen in this second trimester.
- It is important to not only rely on numbers, reviving the previous scene. It is encouraged to learn about the ground we are stepping on while picking up on the positives at the same time. My appreciations are:
- This is a chance for opportunity – The larger the inventory, the lower prices can go. This allows for a higher chance to make ‘quick sales.’
- The advent of new banking products, adapted from this new reality, will provide access to financing to maintain the flow of sale.
- According to the figures set out, the interest of foreign investors in property in Panama remained. We must keep marketing active!
- It is important to maintain the relationship with your real estate broker – we are your link to attract opportunity investors.
- I am at your disposal to provide you with my advice, to support you in that important decision that you must make, and that you are probably adjourning waiting for a "better" time. The difficulties bring OPPORTUNITIES, do not just stay with opinions, let us review the data and the economic figures, count me to close that deal!
I have been a certified real estate agent for 18 years. 85% of the transactions I closed were for clients who came recommended or referred, but I also recognize that technology is essential today to be successful, but beware, if we don't have committed teams with a high dose of integrity, nothing you apply will have results.