The real estate sector reinvents itself in times of Covid-19

In 2020 there was a 52% decrease in sales, which implies a considerable lag in units sold for the current year. Sales are expected to resume as the vaccination process speeds up.

Reinvention has been key in all aspects of the daily lives of people and businesses, with the arrival or appearance of the Covid-19 pandemic, and the real estate sector in Panama has not been left behind, despite the gray clouds looming over our economy. It is bet that vaccination plays a point in favor, to help in this reactivation.

The real estate sector presents important challenges, which led to the reinvention and adaptation of the market to the new needs of buyers.

"The sector had to bet on innovation and design strategies in the midst of the pandemic, betting on virtual platforms, something that in a great way, has been a clear bet in the face of the recovery of the sector, particularly highlights, the ACOBIR virtual Expo, which closed with more than US $ 134 million in bank approvals, as a result of more than 86 thousand visits ”.

The state-of-the-art digital platform managed to adapt to current demands to supply in a friendly way, everything necessary for people interested in acquiring a property to be able to do it easily, quickly and safely.

For this economic sector, the outlook does not look so negative, because according to the latest market study carried out in 2019 by this union, there were a total of 29,811 housing units in inventory in the country, while for 2020, the total was 23,783 units.

"In general, there was a decrease in inventory units, as well as in units sold." Although there is a proportionally greater decrease in inventory, "which is positive", it is not necessarily due to a higher rhythm in sales, but rather to the effect of the decrease in new projects that in a normal situation would have come onto the market.

However, the units that did not go on pre-sale this year show a favorable outlook for the market, "since if these projects had been marketed, the numbers would have risen in terms of active inventory."

An average of 11,000 units are absorbed annually according to the monitoring of the active commercial offer and according to the mortgaged horizontal properties in the Public Registry.

“By 2020 there was a 52% decrease in sales, which implies a considerable lag in units sold for the current year. However, it is expected to resume the sales rhythm as the vaccination process speeds up and we achieve a greater opening of the economy”.

Regarding the aspects to be taken into consideration by future home buyers, it is important that before thinking about acquiring a property, the first thing that the person should do is evaluate their debt and payment capacity, and make sure that their income and savings are sufficient to pay the installments in the established terms. 

The real estate market in Panama today has a wide range of options for both sale and rent. The price range is quite wide, and there are properties for every segment, from properties of preferential interest, to luxury projects.

We emphasize that it is always important to take into account the location of the property that you want to acquire, verify if it is close to your work, school, commercial areas, security and transportation in accordance with your current and future interests, so it is important to search and compare properties , prices and the benefits they offer.

In addition to these recommendations in this search for housing, it is highlighted that the property must have a good location and security, although in recent years and due to the arrival of the pandemic, people also prioritize that the house has spaces with green areas for family recreation.

It is of importance to consider; be accompanied by a specialist, a real estate broker, who is your best ally to locate and manage the best options that allow you to make the best decision. Acobir has professional members with extensive national and international experience, ready to support this process”.

"Having the right knowledge will allow you to make the best decision and turn your first property into the best investment."

Full news / Source:

https://ensegundos.com.pa/2021/08/01/el-sector-inmobiliario-se-reinventa-a-los-tiempos-de-la-covid-19/