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Building Boom

Building Boom

March 1, 2006
Favorable interest rates and low prices are helping fuel a housing construction bonanza in Panama. But is the boom turning to a bust?

Panama

Boom times for builders.Low interest rates, attractive tax incentives and affordable real estate prices have sparked a housing construction boom in Panama. With so many projects already underway, however, it's anyone's guess how long the high times will last. In 2004, the construction sector accounted for 4.63% of GDP, up from 3.2% in 2002. New building permits in the Panama City metropolitan area – a key measure of private-sector real estate investment – rose 123% during the first nine months of 2005 to $706.4 million. The Panamanian Construction Chamber (Capac) forecasts building permits for full-year 2005 will hit $850 million. In 1989, the industry had annual revenu

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