Reverted areas in Panama was where American bases operated for nearly 100 years. Over time, land and properties that are currently in that area had being sold and has raised a large sum of money, which exceeds U.S.$ 450 million.

Reverted areas in Panama – Gogetit Highlights

* Since 1996, a total of $ 453.6 million has been raised from the sale of goods reversed, corresponding to homes, lots, parcels or buildings.

* These assets are located both on the Atlantic and Pacific sector, where the American bases worked for about 100 years  in Panama.

* The sale of these assets has generated significant contributions to the Panamanian economy, particularly tourism, ports, trade and transportation in general.

Reverted areas in Panama, is the zone previously occupied when the American military invaded Panama a few years ago. Upon completion of the American invasion of Panama, all those houses, buildings, plots, among others, were left to be occupied and many of them were put up for sale. To date, we have generated over U.S. $ 450 million, which have highly benefited the Panamanian economy.

According to information published by the News Agency of Panama about reverted areas in Panama, these sales in public acts of first refusal began in 1996, back then, was the rule governing the Public Procurement Act 56 and the procedure was done ba y sealed envelope the client presented as his proposal on the public act.

Subsequently, Law 22 of June 27, 2006, which regulates public procurement and all amendments contained in the Consolidated Text of the Law, which in Article 49 states approved the sale or lease of real and personal State property may be made by public auction.

As a result, sales in the reverted areas in Panama have been, and remain, a good way to generate revenue for the country.

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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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