Panama’s Real Estate Market 2020 and the Country’s Path to Reopening
-
by Olga
- September 19, 2020
- Real Estate
- 0
There is no doubt 2020 has been a very particular year that has impacted the whole world in various ways due to the pandemic which we are currently facing. At present, Panama already has a little more than 6 months since the finding of the first case of Coronavirus in the country. During these months, various actions have been taken to counteract the effects of the pandemic, in addition to implementing partial openings of some economic sectors.
As of September 16th, there have been a total of 103,466 accumulated COVID-19 cases and a total of 2,198 deaths in Panama, of which there are 26,679 active cases. Daily cases range from 500 to 700 a day and daily tests averages above 5000, giving percentages of positive results below 14%.
These and other epidemiological data presented by the Ministry of Health indicates an encouraging outlook for the country compared to the situation in previous weeks, which has led to an opening plan of most the country’s economic sectors.
The path to reopening
On September 7th, all construction (public and private) and its related activities resumed, as well as special economic areas such as the Free Zones. On September 14th, the restriction by gender was removed, and the curfew was adjusted from 11:00 PM to 5:00 AM (previously 7:00 PM – 5:00 AM), keeping only Sunday in total quarantine.
On September 28th, all retail businesses, restaurants, family beach activities and administrative services will be allowed to open, complying with biosecurity measures. Additionally, on the same date the opening of domestic flights will be allowed.
On October 12th, the curfew is expected to be lifted (including Sundays), as well as allowing the opening of international flights, hotels, swimming pools and tourist/cultural activities.
So far, the activities that remain with dates to be determined by the Ministry of Health are schools, cinemas, theaters, gyms, casinos, bars, and concerts.
Real estate market in Panama after the opening
The path to reopening clearly provides a positive impact for both real estate and any other economic sector, full opening of construction and lifting the restriction of mobility by gender are two factors that will for sure create a more dynamic market.
The offer of both new and existing real estate projects are maintained in Panama City, as well as projects in the beach towns and the interior of the country, some of them even with rental offers with the option to buy, a modality that has become more popular in recent months.
The remaining months of 2020 will be interesting for the real estate and construction sector in Panama, full of various challenges. The CAPAC virtual fair will be held under a digital format between October 15 and 25, and according to the Organizing Committee of the Fair it will be a space to promote real estate offers not only with interest in the local market, but also internationally.
