Commitment to Updating Horizontal Property Regulations in Panama
Published date | 30 September 2024 |
Law Firm | Blogs Alemán, Cordero, Galindo & Lee |
Commitment to Updating Horizontal
Property Regulations in Panama
The III Horizontal Property Congress and the IV
Expo PH 2024 concluded on September 3. This
event served as a platform for discussing the latest
trends and challenges in the real estate sector.
It marked a significant milestone for the future
regulation of horizontal property in Panama.
One of the congress’s key highlights was
Panamanian authorities’ commitment to updating
the country’s horizontal property regulations.
In particular, the Ministry of Housing and Land
Management (MIVIOT) and the Directorate of
Horizontal Property pledged to promote legislative
reforms that reflect the sector’s new realities
and needs. These regulatory updates will focus
on strengthening inclusion and accessibility and
protecting residents’ rights, especially those with
reduced mobility or disabilities.
During the congress sessions, crucial topics such
as “The Life of a Resident with Disabilities in a
Horizontal Property” were discussed, emphasizing
the importance of ensuring that the design and
spaces within horizontal properties are accessible
to all. The authorities promise to incorporate these
aspects into future legislative reforms supported
by this inclusive approach.
Mr. Mario Vargas, the president and organizer of
the event, highlighted the need for dynamic and
updated regulations to accompany the growth of
the horizontal property sector in Panama. Vargas
says, “Panama has established itself as a regional
leader in horizontal property legislation, and our
regulations must continue to evolve to maintain
that leadership.” With more than one million people
living in horizontal properties and another million
working in such developments, the significance
of these reforms cannot be underestimated.
Looking ahead, authorities and industry experts
acknowledged that while significant progress
has been made, much remains to be done in
the next five years. Implementing the promised
reforms will be key to ensuring that Panama
remains a reference not only in infrastructure
but also in protecting the rights and well-being
of its citizens.
Author: Alcogal
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