Trust to Ensure Housing Projects

The government of Panama intends to create a trust fund fed by payments from buyers of construction sites, to be used as collateral against the project being abandoned or defects being discovered.

Friday, July 20, 2012

The Authority for Consumer Protection and Competition (Acodeco) is proposing a trust as part of a system that protects consumers in the event that the promoters of a construction project abandon it or fail to deliver the warranties after completed.

An article in reports that "The idea is that buyer’s payments remain intact in the trust until the work shows progress and / or reaches a certain level of pre-sales, ensuring its full implementation."

"The scope of this measure is being discussed by businesses connected to the area. Yesterday, the administrator of Acodeco, Pedro Meilan, described in general terms the most important points of what would be included in a bill to be taken to the National Assembly . "

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Guarantees in Construction Projects

January 2013

With the increase in Panama in complaints about breach of contract with developers of housing projects, a new bill is being preparing in order to limit abuses. reports that "A dramatic increase in complaints from buyers of properties against housing developers has forced the Authority for Consumer Protection and Competition (acodec) to create a bill to limit abuses in the housing sector. "

Possible Reform of Consumer Protection Act

March 2013

A new bill in Panama provides guarantees in real estate development and makes tips voluntary, among other topics.

From a statement by the Authority for Consumer Protection and Competition (ACODECO):

ACODECO presented to the press a proposal which contemplates reforming Law 45 on Consumer Protection.

"The Good" and "the Bad" in the RG Hotels Drama

December 2015

The end of the movie is uncertain for buyers of apartments, financial institutions, suppliers and investors, who are the creditors of more than $65 million in the tourist and residential resort in Panama.

Although the Panamanian real estate market had already been noticed for the relative ease with which developers fail to fulfill their promises, the RG Hotels case demonstrates the urgent need to strengthen due diligence prior to any investment in this sector.

Complaints Against Estate Agencies for $98 million

October 2012

In the last five years the Authority for Consumer Protection and Competition of Panama resolved 1.676 lawsuits against developers and builders. reports that "Consumer complaints against housing developers were resolved in the Reconciliation and Complaint Decision departments and agreements were achieved through judicial agreements, out-of-court settlements, repairs, clarifications, money returns and handing over properties, among other things. "

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