| Increase in fines levied on Real Estate Promoters in Panama |
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Real estate development promoters are being fined at an increasing rate, largely due a change in legislation and the high volume of projects on the board. According to the office of Public Works and Municipal Construction there was an increase of 54.8% in fines to real estate promoters. These promoters can no longer promote developments that haven't received proper approval, which was a common practice before the Dept. of Works began applying a new law cracking down on the activity. Panama's way of monitoring truth in advertising from the real estate perspective.
Fines totaling US$109,275 were collected during January and February of 2008, up from US$70,550 collected during the same period in 2007. However, the fines collected in 2008 only represent 9.6% of the US$1,175,000 collected for construction permits. So far, 656 construction permit applications have received approvals to date. |
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