Panama Real Estate Blog

Short Term Rental Market Seriously Affected By ATP’s New Resolution

A number of shortcomings have been revealed in Salomon Shamah’s, the new Administrator of Panama’s Tourism Authority (ATP), proposed resolution which was dated and handed down on 13th August 2009, however this proposal has no record of being published in the government gazette. Based on the fact that the resolution has for all intensive purposes the power and effect of legal standing requires that the resolution be published in the government gazette for public record, and where necessary discussion and consultation with interested and affected stakeholders.

Real estate and property management representatives have met with Fernando de Leon, who occupies a deputy director position within Panama’s Tourism Authority to address their concerns with the resolution. The representatives have claimed that despite the fact that the requirement of the publication within the gazette was not met the resolution has already been distributed to building administrators and property managers, furthermore holding these stakeholders responsible for the enforcement thereof.

The result of these actions by the ATP is nothing short of creating widespread panic amongst tenants and investment property owners alike, with tenants apparently being evicted on short notice, as interpreted by the building administrators, and investment property owners already listing their properties for sale, as this type of resolution would lead to an effective loss of their rental income.
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