What’s happening in real estate in Panama?
What is happening in Panama has never seen before. The real estate market has grown like never before in the history of the country estate. Each month we are visited by hundreds of foreigners (Americans, Canadians, Spaniards, Venezuelans, French and other nationalities) interested in buying property in both the city and the coast and mountains.
The steady increase in the value per square meter is almost monthly. By way of example: in 2006 it was possible to find $ 1,000 apartments the meter box in the city of Panama, which is almost impossible (1,200 or 1,400 and growing) today. The main associations of real estate in Panama expect the overall value of land in Panama increase 30% to 40% in coming years.
Luxury towers, residential houses up to a million dollars, large luxury hotels and shopping centers in first line, metro, the canal expansion, are under construction or in the process of delivery in the coming years; changing the face of the city towards a cosmopolitan and international city.
International development companies, private investors and real estate, both in the United States, South America, and Europe, have begun construction of large-scale real estate projects. Also a large number of companies international real estate brokers, are being installed in our country monthly.
Batch major projects on beaches, island resorts, both in the Panamanian Caribbean, and the Pacific Ocean; paradisiacal retreats and mountains, are part of this avalanche of real estate projects that seems just starting.
What are the factors that caused this real estate boom?
We all know that after the war of 1989 in Panama, the real estate market in Panama conservative and remained little investment in this sector was mostly directed to commercial projects. It was not until 11 years after this event (2000), representatives of the tourism sector of the Panamanian government began a serious campaign to improve country’s image. Panama was exposed as “paradise or path to discover” exalting, no-one advantage of being an international center for banking services and offshore, but also for all elements, social, tourist, ecological and geographical owned and were unknown around the world. This successful campaign was promoted worldwide in major international television networks, both in Europe and in the United States.
Added to this, which we must recognize, for the 2003 Panama is back in force internationally with the announcement that a young woman from our country to win the Miss Universe contest, which allowed for exposure extension of the advantages of our country tourist and shopping destination.
Between 2003 and 2005, gradually the flow of tourists and the number of visitors grew as a result of these two important catalysts.
Meanwhile, small groups of professionals (lawyers, brokers) offer talks about the advantages of Panama, or organized small real estate tours to foreigners. Various published in the leading international retirement magazines (generation known “Baby Boomers”) and second homes abroad, items began to recognize Panama as one of the best countries to live at a high level, but with low cost of living ; all this, motivated by outstanding projects aimed at this market.