New study on the current status of Panama Real Estate

Encuentra24.com, the portal for real estate listing in Latin America has come out with a report based on a series of interviews with "professional" real estate brokers in Panama. I guess there are forced to go to this rather biased source as there is no MLS in which to review data and come out with the real facts. I find the answers from the agents both disingenuous and misleading.

Encuentra24.com Performed An Economic Poll About Panama's Real Estate Market 2009

Encuentra24.com Panama Classifieds performed a economic poll where Panamanian Real Estate Professional real estate brokers where interviewed on their experiences, the current economical crisis, property sales and market behavior.

Panama, Rep of Panama. (PRWEB) August 27, 2009 -- Encuentra24.com Real Estate and Classifieds listings Portal announced yesterday the result of its most recent economic poll, this time about the property purchase, sales and rental market in Panama.

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This poll was conducted by the marketing team of encuentra24.com who performed a phone interviewed to 50 professional real estate broker in Panama. The interviewed are actively dedicated real estate professionals in the Panama territory. Each had the opportunity to contribute their personal and commercial experiences in the subject of real estate.

Encuentra24.com informed them that a complete copy of the poll would be posted in online soon Encuentra24.com/panama. Boris Metraux CEO of Encuentra24.com added that other results of this property trend poll is a valuable reflection of the economy and current real estate market. The insight on exactly were do top 5 real estate buyer's originate, or sectors the experienced a drop in prices or what have been the repercussions of the economic crisis in Panama. They offer a market study in order to determine any future business decision.

1. The interviewed were asked they impression on current sales prices versus past sales prices in Panama. 46 percent said prices have remained the same, 34 percent believed they have dropped ten percent, 14 percent believed that prices have dropped 20 percent and 6 percent believe they have dropped a 30 percent.

2. When inquired about the zone or area that has experienced a reduction in prices, 31 percent respond San Francisco, 23 percent responded the Avenida Balboa area, 21 percent responded el Dorado and 18 percent believe Costa del Este and 8 percent responded Punta Pacifica.

3. They were also asked, what type of property has experienced the highest decrease in rental and/or sales prices? 31 percent said apartments, and condos, 13 percent said homes, 2 percent said vacation houses, 2 percent said offices and commercial spaces.

4. On the banking subject, real estate broker were questioned if they believe to have support from national and international banks towards expatiate processing of mortgages and loans? Only 16 percent responded yes, 12 percent responded no, while 72 percent said that only some entities helped in the loan subject.

5. As to what was the nationality of buyers interested in Panama real estate? 39 percent said Panama, 35 percent said Venezuela, 20 percent said the U.S. and only 6 percent from Europe.

6. In order to determine if property owners were ready to make a correction in prices according to the market demands? A 45 percent selected maybe, 17 percent selected no and 38 percent selected yes.

7. As to the purpose for buying a property, 52 percent real estate brokers agreed that purchases were for investment, 29 percent agreed they purchased as a permanent residence and 19 percent agree as a temporary residence.

8. On the rental subject, everyone was asked about inventory vs demand. To this 39 percent said their were more property than demand.

9. Towards determining the type of property with the most demand, a 55 percent of real estate brokers agreed that apartments, 19 percent agreed that houses, while 12 percent said vacation property and another 3 percent said office space.

10. Their opinion in sensing if the global economical crisis of 2009 was already showing negative effects in Panama, 66 percent responded barely, 22 percent said yes, and 12 percent said no.

Conclusion:
The encuentra24.com Marketing team concluded informing the website has experience a surge in properties for sale, on foreclosure, while the type of property mostly posted online by publishes including real estate broker and owners are were properties with elevated prices. This poll was made to also increase the listings according to popular demand. Encuentra24.com® has reached over one-million monthly visits and over 30,000 properties listed.