CONSTRUCTION

191 skyscrapers are built in city

08-10-2009 | STAFF

Panama Star PANAMA. There are currently 191 skyscrapers under construction in the capital city with an average height of 30 stories each.

This suggests that although the property boom has slowed down it has not died out completely.

The majority of the projects are being constructed in the neighborhoods of San Francisco, Parque Lefevre and Bella Vista.

The General Comptroller said that 128 projects are in the advanced stage, which is the phase that employs the highest amount of people.

Of these, 32 companies have also started new construction in different parts of the capital.

In general terms, the construction sector showed clear signs of recovery during the first semester of this year during which the total revenue from construction permits granted was approximately $1.1 billion. For the same period in 2008, construction permits brought in a maximum of $835 million.

According to the Ministry of Economy and Finance this growth was due to diverse internal factors, including trust in the Panamanian economic system, the liquidity of the banking sector and tax incentives that promote private investment.

The development of these building projects will keep the construction sector in the capital city stable and it is expected that these positive expansion signs will continue during the rest of the year, probably until 2010, if the demand for apartments and condominiums increases.