The excess of construction of shopping malls, hotels and offices in the country, over the past years, saturated the market to such an extent that it has made investment in non-residential works to decrease, according to industry specialists.
In the latest report by the Comptroller´s Office of the Republic on the value, additions and repairs, of the buildings, it shows that investment in non-residential projects fell an 18.7% during the first two months of this year compared with the same period in 2015.
During this time, investment went from 213 million 123 thousand dollars in 2015 to 173 million 190 thousand dollars this year.
However, if we compare the 976 million 509 thousand dollars at the end of 2013 with the 820 million 209 thousand dollars in 2015 the decrease is 156 million 300 thousand dollars.
Urban planner José Batista said that in the past there was a boom for offices and shopping centers in the market, so much so that more than what the demand required has been built.
Some experts who were consulted say that housing development is the one driving the construction sector, whose investment increases, contrary to the view of non-residential structures.
Investment in the real estate industry grew in 32.6%, which totals about $176 million 245 thousand, according to details of the Comptroller.
However, non-residential construction fell in the District of Panama in 43.9%.
For Iván de Ycaza, President of the Panamanian Chamber of Construction (Capac), segments grow for periods based on demand and economic activity.
"If the economy is not growing so much, then people spend less, which is also an important factor" said Ycaza.
He mentioned that the increase in shopping centers were aimed to service the demand in the different sectors and it is for this reason that they have now lost customers.
Ycaza said that in hotels, the low occupation will not change should the tourist promotion of the country not be furthered.
For her part, Elisa Suárez, Executive Director of the National Council of Housing Promoters (Convivienda), argued that this behavior responds to a saturation in the market.
This situation goes further, taking into account that time may soon arrive when no more hotels nor business buildings will be built, according to Suarez.
Contrary to this, the businesswoman recognizes that the population will continue to grow and, therefore, more housing will be needed.
Suarez is hoping the red tape to be cut, at sensible times, since it is considered that by doing so housing prices may be stabilized.
Meanwhile, José Batista indicates that in the national territory there is a housing deficit of over 140 thousand houses, therefore, housing solutions are always going to be a constant.
He added that this sector has been maintained by the bonus that is offered to people with fewer resources, situation which is different from that of the commercial sector and offices that do not have any kind of subsidy, but depend on solely the behavior of the market.
Convivienda sold a total of 8,362 houses by 2015 and this year it has projected to increase this figure to some 10,503.
Builders expect commercial projects to have in the future the same dynamism as previous years, because they are experiencing a slowdown.
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