Line 3 of Panama’s Metro will serve the 400,000 daily commuters from Panama’s western suburbs and will be another major works project that will keep unemployment low for the next decade.
Projects like Line 3, the fourth bridge over the Canal and the completion of the Panama Canal expansion are all government projects that, combined with new port expansions and the public/private alliance to renovate Colon will keep Panama’s economy cranking for at least another 10 years.
From a real estate perspective, the benefits are aplenty. With drastically reduced commute times, previously displaced cities like Capira and Chame now become realistic commuter cities of the future, opening the door for savvy developers who can afford to wait the 6-7 years before Line 3 is completed.
Retail opportunities at the stops are the low hanging fruit, and we’ve already seen the results of development along the metro stations on line 1.
Commute times will be reduced from 1.5 hours to less than 30 minutes each way, meaning Panamanians who live in areas like Chorrera will now start getting home at 6:30 pm instead of as late as 8:30 every night. That means more time for homework and being a parent which could very realistically have an impact on Panama’s crime rate.
Construction will start later this year.