A leader’s faith in real estate

Some groups like, the Panamanian Chamber of Construction, have asked the government, to increase public investments, to act as a catalyst, for public works that remain stagnant.

With a hazy future, the new president of the Panamanian Promoters and Real Estate Brokers Association, Osvaldo Marchena, remains optimistic and believes that, “ now days there are few existing markets with solid economic foundations. Panama, just happens to be one of them, so that means we are solid”.

Still very positive, Marchena , says that the real estate sector will rise again, and much faster than most people think. Adding that it will be fueled by transnational companies, that will create bases in Panama. There are 60,000 foreign companies registered in Panama.

He also claims, when summing up the companies and commercial trades with Taiwan, Singapore, Chile, and a recently closed deal with Canada, it increases the countries value.

“Any economic group, that makes the decision, to come to Panama, for whatever the reason, will need office space, houses to live in, and places to go on the weekends”.

These clients have the capacity to consume, and they are motivated, by finding the most adequate living arrangements possible, allowing them to live comfortably, and at the same time run a business. They do not want a cheap place to live, says Marchena.

Currently, there are 455 active projects, totaling 14,342 available living units, meaning a 14 percent increase.

But the diminishing sales rhythm, of the last two months, must be recognized.

In October, sales dropped more than 80 percent

Marchena, does not seem to be bothered by these numbers, and continues to stand by his claims.