New law starts taking down developers

A new law was passed last year that changes the amount of fines that can be assessed on developers and promoters for selling properties before the building permits have been issued. What I saw of the draft raised fines from a meager $500 to $100,000.00. This is a law that has good intentions to protect the buyers from the unscrupulous, but I am afraid that like most of the laws in Panama there may be some flaws.

Although the law was signed into effect over 12 months ago we have been waiting for the regulations of the law, which have been delayed between the Ministry of housing, the President and the other various ministries involved. I have been told that we will have a copy of the regulations next week, and if that is true, I will have it translated  and posted here.

Here is a brief story from La Prensa about a project that may be the first casualty of this new law without the regulations. In Panama, it is retroactive to the date the law was passed even though the amount of fines and other important details have not been decided. Yeehaa, another Panamanian land mine!

Pancanal View does not have permits

   Jaime Salas, in charge of Public Works and Municipal Constructions, certified that the project PanCanal View, who are attempting to build near the Miraflores locks, do not have construction permits. Salas adduce in a document that the promoters of the construction violates Law 6 of 1st of February of 2006 with respect to deceiving the public. The building would be of about 43 floors, is promoted in magazines, Internet and even was sold in the last home show-expo vivienda. Carlos Anguizola, salesman of the project, in the past said to this newspaper (30 April) that the permissions were approved. (La Prensa)

Pancanal View no tiene permisos

La dirección de Obras y Construcciones Municipales, a cargo de Jaime Salas, certificó que el proyecto PanCanal View, que se pretende construir cerca de las esclusas de Miraflores, no tiene permiso de construcción. Salas aduce en un documento que los promotores de la edificación violan la Ley 6 de 1 de febrero de 2006 en lo referente a publicidad engañosa. El edificio, que sería de unos 43 pisos, se promociona en revistas, internet y hasta se vendió en la pasada feria de vivienda. Carlos Anguizola, vendedor del proyecto, dijo a este diario el pasado 30 abril que los permisos estaban aprobados. (La Prensa)