Minister Alexander: construction is an engine for the economy with a growth of 9%

January 27, 2023

In 2022, one of the main engines of the country's economy was construction with a growth of 9%. "This sector gives life to other activities such as industry and directly benefits thousands of people who work in it," said the Minister of Economy and Finance, Héctor Alexander, when inaugurating the pavilion of the Reverted Assets Administrative Unit (UABR). At the Acobir 2023 Real Estate Expo.

Minister Alexander was very enthusiastic and optimistic with respect to the results that promoters can obtain at the fair. "This is one of the engines of our recovery in 2022 and we are seeing it today in 2023," he said.

Reasoning that was also shared by the president of the Panamanian Association of Real Estate Brokers and Promoters, Francisco Cheng, since they hope to reach more than 100 million balboas in bank approvals at this fair.

The head of the Ministry of Economy and Finance (MEF), added that many families depend on the direct and indirect activities of construction and the performance of the real estate sector, which has contributed to making Panama's economic recovery one of the strongest in the region.

When taking stock of the general economy, Minister Alexander stated that in 2021 the growth of the Gross Domestic Product (GDP) was 15.3%, more than many countries in the region, while last year it grew not less than 9%, "so the country has been recovering very well."

For his part, the executive secretary of the UABR, Fernando Paniagua, pointed out that "as every year the Reverted Assets Unit says it is present at the ACOBIR Fair, a very important exhibition that generates more than 100 million balboas in transactions."

During the fair, the UABR offers residential lots, some homes in the Atlantic and Pacific sectors, within the reverted areas, which are of interest to investors and to people who wish to have their homes within this sector.

“Last year the UABR closed auction sales for 1.8 million balboas and this year we hope to maintain a similar figure. We want to take the opportunity to invite all citizens to come to the fair and see the various products and what the Reverted Assets Unit has to offer within the reverted areas,” said the executive secretary.