Actualizado: abr 26
It is still in the preliminary phase. According to the current mayor of the district of Panama, the initiative will be a fact for 2022, so put on your sunscreen, beach shorts and let's analyze this excellent initiative.
Panama City-AN Panama) The project for the recovery of the beaches of the bay of Panama City is serious, despite the technical muscle that it demands for it to progress at a good pace, said its manager, architect Tomás Sosa, Project Director Specials from the Capital City Hall, so they have already met with the executors of the Environmental Sanitation Plan and with directors of the Yacht and Fishing Club. Sosa explained that next week it is expected to appear on the Panama portal Buy the specifications to tender the Environmental Impact Study (EIA), before calling for the tender for the beach project. "We want to cover all environmental aspects, and if any mitigation measures are to be taken we will already know what to do. What's more, we are proposing the category III tender, even if you don't need it, because we want it to be as complete and comprehensive as possible ”. Although the beach recovery project will go hand in hand with the Sanitation Plan for the bay, he assured that the team that executes that Plan re-adjusts its programming to accelerate its passage, especially the sanitation of the Matasnillo river basin, which ends in the Bella Vista sector. Finally, the director of Special Projects is convinced of the socio-economic impact that this beach recovery will have, which he compares with what the Cinta Costera has achieved since it was created. And it will not only be economic, it will be social and environmental. As international examples he cited those on the beaches of Flamingo in Copacabana, Brazil, and Barceloneta, in Barcelona, Spain. The latter has restaurants, sports areas, rental of umbrellas and reclining chairs, beach library, bicycle rental, safety boxes, showers and public toilets. To this can be added promenades, kiosks for sale and rental of curios, crafts and souvenirs, among others. Excerpt source: https://anpanama.com/8758-Avanza-proyecto-de-playa-para-la-ciudad-de-Panama.note.aspx There is no doubt that a project like the one that the Mayor's Office plans to do will bring many economic benefits in various sectors, but I want to make an analysis of the possible repercussions on the real estate market of the areas surrounding the beach, let's see: 1. Increase in prices: It is something that should happen when adding a valuable asset to the environment, such as a usable beach with tourist infrastructure. In other regions of the world there are similar cases keeping proportions of urban development, but they serve as reference points, for example: in Barcelona the price difference between a neighborhood or area without access to the beach and a neighborhood with access to the beach varies in the range of 2,221 Euros, as is the case of the Ciutat Vella whose price per square meter in apartments with access to the beach is 4,400 euros and Sant Andreu which is a neighborhood in the center without access to the beach and its prices per meter department square range at 2,379 euros.
Another factor to take into account for a price increase in properties near the beaches of Bella Vista is a possible increase in demand in applications such as Airbnb. This will produce an inflation of prices for sale or rent, because by increasing the profitability of the real estate for the money it generates in short stays it becomes more attractive for the current owner to keep the asset vs. sell it and if he decides to sell it would only be for a sum attractive money, in most cases and having an offer for long-term rental should be for a sum greater than that generated by the asset in short rentals. Currently in Barcelona in the neighborhoods near the beach, Airbnb prices range at $ 163 euros per day and occupancy is at 71%, the same analysis in Bella Vista, Panama City today December 22, 2019 the average is at $ 135 dollars and occupancy is at 50%, data source www.airdna.com From my perspective it is definitive that if the project is completed, it will generate an inflation in the prices of the units available in Bella Vista, especially in areas such as Avenida Balboa. 2. Increase in foreign investment: It is logical to expect before a possible increase in rental and rental prices of units near the beach of Bella Vista, that foreign capital secures assets in this area to benefit from increases in prices and demand for these units. It is a subject that deserves more study, I will follow it closely and I promise you a second article, following up on the development of this excellent initiative by the Mayor of the district of Panama. Subscribe to my blog to receive more articles and don't forget to look at the real estate services section. I recommend reading also: https://www.jsantosf.com/post/sabes-cu%C3%A1nto-vale-una-propiedad-en-la-ciudad-de-panam%C3%A1 Do you need advice? fill out the following form:
Until next time!