Panama Real Estate Market

By: Matt Landau
Submitted: 2007-01-17 16:25:35
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Panama has been the center of attention of late for not only its growing tourism sector and international banking hub, but most notably its real estate boom. Panama is in the midst of a real estate gold rush right now, and it seems like everyone and their cousin is out panning.

Today’s Panamanian economy is growing more than 6% annually with the possibility of exceeding 7% in 2006 according to The Latin Business Chronicle (9-19-2006). Additionally, the IMF has said that Panama is set to grow more than any other country in Latin America next year. With speculations like these, it becomes clear why people, the world over, are migrating to Panama to invest their money.

Arrive today in Panama and you’ll see masses of cranes in use, building projects in the heart of Panama City as well as along the coast. Donald Trump recently decided to get in on the action by stamping his name on a project that’s now being touted as the finest luxury condo building in the continent. Located near the high-end Multiplaza mall and Johns Hopkins hospital (the first outside of the USA), Trump’s neighborhood appears to be getting all the attention it deserves.

The development isn’t limited to the city though. Just one hour outside the city sits Coronado and its surrounding towns, where beach condominiums, residential communities and all-inclusive resorts nudge right up against the quiet beaches of the Pacific. Further West sits Boquete, and their northern neighbor Bocas del Toro where real estate has taken off like a bottle rocket.

Certain celebrities are getting in on the action as well: The Robb Report’s Joan Tapper reports that Mick Jagger, Bruce Willis, and Tommy Lee Jones are among Hollywood’s elite investing in their own little piece of heaven. The Azuero Peninsula seems to have grasped Panama’s dark horse status, as an area with so much to offer yet so little development…yet, that is.

The government has invented a bunch of friendly investment laws encouraging foreigners to invest and with its northern neighbor, Costa Rica now making so much noise, Panama is getting more and more attention. Investors are impressed with its stable economy, sturdy political system, and first-rate infrastructure, and while many just come down for vacation, they often don’t want to leave.

Matt works on Land for sale in Panama as well as Panama properties.

Article source: Expert Articles

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