As Panama' real estate bubble was a shadow of the one in Dubai, lets hope the fall in real estate rentals does not suffer the same fate. As this article in International Property Journal points out, the fall has been hard with residential rates down 41% and commercial down 57%. I don't think Panama's commercial rentals will be hard hit as there was not nearly the bubble as in the residential condos. I understand from property managers in the city that rentals are still strong but how long that will hold when the many new towers come on the market is in question. On my visit to the city yeasterday I was impressed with the number of cranes I could count from the Cinta Costero and took this photo with my Iphone. Excerpt from IPJ: Residential rental rates in Dubai dropped 41 percent in the last year, according to new report from CB Richard Ellis. Office leasing rates fell 57 percent from the previous, as the Emirates’ building boom flooded the market with new product.
The report is ominous news
for investors, who might have hoped that rents would hold steady until
valuations began to increase again. Prices in Dubai fell 47 percent in
2009, according to a recent report from Knight Frank.
Recent Comments