An article in La Prensa provides us with some statistical data on construction permits in Boquete which clearly shows that developers and home building has slowed dramatically. Of course the local officials believe it will come back when the U.S. economy comes back. Unfortunately, they know very little about the U.S. economy beyond what they hear on CNN or other main stream press. You would think they would tap in to the know all, see all Panama Investor Blog, written right in their own little town.
IMO, We will not likely see such a real estate frenzy as has taken place here or anywhere for that matter in our lifetimes. They better hunker down and learn to live within their means like the rest of us.
Boquete low in the construction
GONZÁLEZ GONZÁLEZ
David, Chiriquí[email protected]The cessation of the residential projects that were under development and no new private investment in Boquete, remain stagnant in the real estate sector, a mainstay of the economy of the Chiriqui district.
The treasurer of the municipality of Boquete, Ivan Cheva, said he was confident that as the U.S. and Europe will recover from the so-called global crisis, and will reactivate the construction sector, the main income of the budget of this municipality.
In 2007 the town of Boquete raised $1,475,300.00 , of which $821,900 were for construction permits. In 2008, they received a $1,355,800.00 and only $417 000 were paid by building and rebuilding.
Last year $987,600.00 came in, while only $230,900.00 in taxes for construction.
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