The talk of the town is Panama City, international real
estate investors are now buzzing with excitement as the
potential of Panama outshines the woes of home. Panama is
seeing a real estate boom that is drawing the interest of
new and experienced international property investors.
Panama, officially the Republic of Panama is the
southernmost country of Central America. Located on the
Pacific Coast of this Central American country, it is now
seen as one of the hottest places for property in all of
Latin America. There are currently more than 35 high rise
buildings under construction and more than 300 additional
projects in the planning stages. If all the buildings are
completed, more than 40,000 units will come on line in the
next 5-10 years. Last year, foreign investment in this
tropical city grew nearly 20% in the first half of the year
alone. The Panama Canal, which has its western terminus
here, is being expanded to handle larger ships and
increased traffic. This project will also lead to more
people moving here over the next few years. According to a
recent article in the International Herald Tribune, many
people are referring to Panama City as the next Miami.
The city is home to many international companies' regional
headquarters, and has become popular with retirees and
second home buyers. The tropical climate makes it nice
place to visit, particularly in the winter. The location on
the southwestern edge of the Caribbean makes the country
virtually hurricane free, an attraction for some who might
otherwise buy in Florida or a Caribbean island. Plus, the
prices tend to be much less than many other locations.
One new project that was recently financed is the 69-floor
Trump Ocean Club. This new building is scheduled for
completion in 2010 and will include more than 600 luxury
residential condominiums priced from $500,000 to $12
million. This project has helped to increase the average
property price in the city. Over the past two years, the
average high rise apartment price has risen to $3,000 a
square meter, or $280 a square foot. With so much going
on, a great climate and stable government, Panama City has
drawn the world's interest.
Tourism now stands as the country's top source of income,
receiving more than 700,000 visitors annually to its
pristine beaches, vibrant rainforests and cosmopolitan
capital city. The influx of visitors has also brought with
it a boom in construction--- hotels, condominiums, resort
complexes and peripheral services such as restaurants and
shops, are springing up along the country's famous coasts
and in Panama City.
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As new real estate markets emerge for the international
investor its good to receive advice from someone who does
not run with the crowd. Author Nicholas Marr provides an
insight into the Panama real estate market. His knowledge
comes from working with numerous real estate agents and
developers, he is CEO of overseas property portal at
http://panama.homesgofast.com/
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