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Will the prices get reduced in real estate at Panama?

on Jun 25th, 2009 and filed under Real Estate. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

panama-real-estate-recession

panama-real-estate-recession

The Panamanian government is trying to refuse the effects of global economic crisis at Panama. They say Panama is still untouched with the global crisis that is putting the whole world down. But it’s high time to get realistic.
Private sellers and real estate developers and agents have been increasing the rates over past two years. Irrespective of demand, they increased the prices at their own will. Now the time is going to change. In past two years there were thousands of fresh projects in the market, still every developer said and believed that their project had more worth than others and was unique. But this attitude of the developers may become a curse for them.
Lately, a study was commissioned by the promoters and the Panamanian Association of Real Estate Agents to see the current state of real estate market at Panama. The study revealed a great fall of 80% in comparison with last year which was of no surprise to the people who were skeptical about the boom in real estate in Panama.
The party for the private sellers and real estate developers is over for now. People who purchased units 2 years ago have no choice of doubling their money. There still is a chance of making a profit but only if they purchase the units early enough. They can make a still make profit but not as substantial as they could have made 8 months before. For example if you thinking to hold the unit costing $125,000 and not selling it for $299,000 now, then you may have to keep your units for many years!
This can be solved and party can begin but only if the seller reduce their prices, that too drastically. Reducing prices can be the new beginning for the real estate boom.

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