It is not a secret to anyone that Panama tourism continues to grow and the country welcomes travelers from many countries. As a tourist destination, Panama continues to capture the attention of thousands of visitors looking to discover new places.

However, lately the Panama tourism has suffered a peculiar phenomenon regarding the number of tourists entering the country and the current hotel occupancy. In Panama, the continuous increase in the number of hotel rooms exceeds the rate of increase in the income of travelers, which causes the percentage of hotel occupancy decrease although the number of tourists entering the country has increased.

Panama Tourism – Gogetit Highlights

* The hotel industry has made a significant development in the past two years that an increase of 40% to 45% according to the statistics recorded by the Panamanian Chamber of Tourism recorded, which represents a significant value within the Panamanian economy.

* The increase of new air connections through the Tocumen International Airport, is another factor that affects the increase in tourist arrivals, especially business.

*Since last year, in January, Ironman Panama took place in the country, attracting many athletes who practice sports tourism.

During the first six months of the year, 1 million 118 thousand tourists visited Panama, that is, about 42 thousand 577 additional contrasting the figure with the numbers of tourists last year. This represents an increase of 4% compared with that recorded in the first quarter last year movement. Despite this increase, occupancy levels at hotels in the capital city in a free fall continues.

Report of the Tourism Authority of Panama (ATP), realize that Panama tourism until June, accumulated a 59.2% overall occupancy hotel, leaving a drop of 1.9 % compared to the first six months of the year.

The hotels with less than 100 rooms, representing 60% of supply in the province of Panama, reported an occupancy of 56.5%, the lowest level in the last five years.

The establishments with more than 100 rooms are no exception to this reality, where the increase in the number sector has led to a price war to maintain an occupation that allows profitability the operation. In these hotels, the occupancy at the end of the first half reached 61.8%, when two years was 70% in low season.

This is an effect that has been happening in Panama tourism for years. For example in late 2012, the Splendor hotel which opened in 2010, closed due to low occupancy. According to consulting Indesa, employment in the province of Panama fell to 55% in 2013 and 52% in 2014. We must see how Panama tourism closes this year.

In the capital city, there are under construction different hotels like the Golden Tower Panama and many new ones have opened, a situation that will increase pressure on the sector in the upcoming months.

As for tourism expenditure, a figure that does not include the cost of airfare, the Comptroller General realizes that visitors left the currencies between January and June in the order of 216 thousand million, additional 116 million. It is estimated that on average, a tourist remains eight days in the country, and spends U.S.$ 136 a day during your stay.

Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.

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