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Latin America Investment News on Viva Tropical

Panama’s Coastal Real Estate Market Remains Hot

Article Summary:

Sales of land, reclaimed seabed and land titling are generating increased expectations in the capital city’s real estate market, showing without a doubt the coastal real estate market in Panama City remains in high demand.

Photo Credit: Panama America

Original Article Text From la Prensa via Google Translate :

Coastal land in sight

The fertile state lands bordering the Bay of Panama await takeoff unavoidable changes against property by passing the area of Punta Pacifica and Balboa Avenue San Francisco neighborhood.

Sale of land and consequent density change, new sea background fill, and now the future degree of one hectare (ha) in Boca la Caja part of the roadmap that the Government has drawn on the coastal land capital.

Since last March, the National Program of Land Management (Pronat) activated existing plans in Boca la Caja.

The company made a cadastral survey of the field called the Box Boca Beach to legalize the land.

For this to be effective you must make several changes in the law, through the reversal of the box to be considered public domain use, and make it a state heritage farm and then name it.

According to information he had access to this journal, the reform would be proposed by the National Land Authority (Anati) and submitted to the Cabinet by the Ministry of Housing and Land Management (Miviot).

The Anati, directed by Franklin Oduber entity, drafted a report with details of the project.

The document dates from July 5 last, so you would expect that in the near future the plan is submitted to Cabinet. Explains that would benefit families currently occupy about 85 homes.

However, some real-estate market analysts prefer to keep their name confidential, ensure that the lands of Boca la Caja would be targeted by a developer, interested in purchasing once certification is achieved.

In fact, they believe that this could be the main reason that motivates the reversal of 1.6ha land, valued by Anati a $ 443,000 million.

It’s no secret the fill value of Boca la Caja beach, which is close to South corridor, the sparkling Punta Pacifica neighborhood and artificial islands under construction at bay.

The Anati anticipated in its resolution model born to request changes to the inhabitants of Boca la Caja. He tried to talk to Oduber, looking for more details of the process, but said through a text message via cell phone: “I am poor coverage area.”

Osvaldo Lau, tax consultant and cadastral affairs analyst, believes that the ideal will be to tourism development in the area, including people who have lived life there.

But he also knows that in real estate law prevails free supply and demand, it would be naïve to think that if a buyer the inhabitants will not accept a fair price for the land they titled the State.

The frustrating thing that a buyer would take advantage of the naivety of the local people and get paid for land prices that are worth gold.

The proposed degree would come just when the Panamanian government announced interest in selling “the highest bidder” the 15 acres of land where the schools Paitilla Professional Obaldía Isabel Herrera, Jose Remon Cantera and Richard Neumann College.

Preparing the ground for future development in this area, on August 2 the Miviot issued a resolution approving a territorial reorganization plan that allows residential and commercial high density.

Far from being the only transcendental change in the area, this would be one of many steps that will change the landscape of the village of San Francisco.

The administration of Ricardo Martinelli also advances the auction Atlapa Convention Center, located in the coveted district of San Francisco, with a price tag of $ 124 million.

Two weeks ago the president reaffirmed plans for the area displayed. Announced that Balboa Avenue will connect through a viaduct with the South corridor, the way that will be expanded to six lanes.

The project would be financed by a grant of up to 40 hectares of sea filling, suitable against Atlapa convention center.

The landfill would serve to finance the expansion of the highway, estimated at $ 150 million and that the Mexican company ICA run at the rate of settlement reached in the process of buying South corridor by the state.

So, multiply the value of land in Boca the Fund through the development of coastal works, and on the seabed, where he says the state and also the private sector.

Link to Original Article:

From La Prensa

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