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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Date of article 09/2007 - Well here we sit watch some 140 hi-rise residential condo projects go up. It is most difficult to buy cement and other building supplies in Panama City at the present time. Cost of raw materials is up and getting higher. Construction workers are not content and are striking and threatening to strike. This all slows down the construction and increases the costs of construction directly and indirectly.
More Construction – There are another 100 or so projects approved and waiting to go into construction. This will certainly take its toll on the already short supply of construction materials. The workers will be more in demand and as a result may become more demanding.
Effect on Housing Prices – The goal of the realtors is to keep driving prices up so they can encourage purchases by flippers. This of course enables them to have double and triple commissions as the flippers buy and sell for short-term gain. Will the realtors succeed in driving prices to the $5000 a sq. meter mark? We do not know but they are trying. We hear about projects selling for $3500 a sq. meter and recently we heard the $4000 figure was reached. They are getting close. In 2005 real estate was $1000 a sq. meter for fine properties.
Government Resistance Against More Projects - The Panama Government is making it harder and harder to build new projects. Now they want environmental impact studies before they approve any building permits. The San Francisco District has so many projects the infrastructure cannot support any more so there is a moratorium on new building permits. The traffic on Balboa Avenue is awful, creeping slowly in the evenings and on payday it is almost a parking lot. The skyline is full of projects and cranes.
Will Owners Ever Occupy these New Condos- When the flipping is all done will there ever be owners living in these new units? That would be initially 40,000 new residents in Panama City and probably 25,000 extra cars. I do not know where they are all going to fit. If the owners do not step forward and pay the 70% they typically owe at the end of construction then there are going to be a lot of rentals on the market. New housing rentals are the kiss of death for the realtors and flippers. Why buy a $350,000 unit when you can rent if for $1250 a month. A lot of rentals reduce the demand for purchases and then the prices roll back. Whoever has the money behind these new condos is not going to sit still and let them go unsold and stay empty, they will rent them out. A lot of rentals means a soft market and low prices for rent. We will have to wait and see how it all plays out.
Real Estate Buyer Lawsuits on the Rise – Most of these involve the newly constructed units. The unit comes out not according to what was promised – whack a lawsuit. The project delays so long they fail to meet the deadline for the tax exemption, whack another lawsuit for diminished value.
Suggestions – Buy the already built older condos. Do not sign anything or put down any money without us or another competent law firm reviewing and negotiating your contracts, title, escrow etc.
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