Real Estate Market
New law Allows Sale of Coastal Lands, Islands for Below-Market Prices
Story by La Prensa
The coveted strip of beach territory in Punta Chame
Rodolfo Miguel Charro Espino, uncle of former President Martín Torrijos, has placed a claim with the Land Registry on behalf of his company, Corporación Playa Blanca, which paid 0.015 cents per square meter for a 508,114 square meter property in the coastal district of Punta Chame, an area located southwest of the capital.
The land claim was made in May, nearly a month after the passage of a law regulating the sale and of coastal areas and islands.
Land Registry Directo Publio Cortés explained that by paying 0.015 cents per square meter, the company would disburse a total of $7,650 for a property that has an actual market value of about $100 per square meter, or $50 million.
He added that this is just one of the many anomalies that slip by holes in the new law, which allows state lands, especially in coastal and islands, to be sold for "very low prices" irrespective of the buyer's status as a local resident or a business. Because of this, Cortés said that authorities are seeking his office's help in reforming the law.
Nevertheless, the law dictates that Corporación Playa Blanca must submit the possessory right to these lands.
Company CEO Rodolfo Espino could not be reached for comment on the purchase.
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