Construction is back on track in Panama with builders moving away from “millionaire” apartments to homes for the middle class.
Permits valued at $1,64 billion were issued in Panama City in the first five months of 2012 growth of 83.8% over the same period last yeae. May was the month with the highest volume, with $518 million says Capital.com
Regis Gaston, president of the Panamanian Chamber of Construction (CAPAC), said: "We envision a growth in the housing supply mainly in properties with prices between $80,000 and $120,000 because they are included in the Preferred Interest Act."
Joseph Bern, executive vice president of Empresas Bern, said: "In general there is a sustained growth in the construction industry with a migration to low-cost residential, industrial and commercial construction."