Report: The Real Estate Market In Panama

Most likely, you know of the current real estate BOOM currently occurring in Panama. Perhaps, there are several internet sites you have visited or read searching for additional information regarding the subject. Or perhaps you are one of these individuals that have taken the choice already of purchasing an apartment or a shore house, but you don’t know where to start or even wish to start your very own real estate project in Panama, yet still desire more details. I have prepared this article in a practical and easy way so as to steer you in our property industry. You will find this paper helpful, whether it’ll be for the direct buying of a property or to start your own real estate project in Panama or just to have a more comprehensive notion of the rising real estate BOOM.

What’s going on in Panama is without any sort of precedent. The marketplace is growing quickly and such real estate development hasn’t been experienced before in our country. Monthly, we’re visited for countless foreigners interested in buying real estates in Panama, at the City, the coasts and the hills. The continuous rising of the value per square meter is almost in a monthly speed. It has generated the value per square meter to triplicate from town and even to quadruplicate in the rest of the nation. The key property broker institutions have predicted the general value of this property in Panama could grow up to 30% to 40% in the next 3 years, due to this cost increasing flow.

Intense luxury towers of over 100 tales, residential houses of over a million bucks, yachts and marine clubs, huge luxury hotels, golf camps designed by well-known international specialists, as well as top of the line malls, are currently under construction or in process of producing in another few years; renovating the surface of the town into an international and cosmopolitan metropolis. Promoters, personal investors and global property businesses, in United States, South America as well as Europe, have started the construction of real estate projects of fantastic effect. Additionally, a large number of international real estate broker companies are setting up businesses in our country per month. Especially we can say that seven of the greatest towers under construction in Latin America are being built in Panama City, inside the areas known as”Avenida Balboa” (this region is projected as the skyscraper in front of the sea in the city). We could mention, among many others: Aqualina, Aquamare, Vitri, Ocean Two and One, Los Faros de Panama and Ice Tower, ready to be delivered to the calendar year 2009; besides the countless apartment towers deliver developed around town. Great beach lot jobs, island resortsas much as in the Caribbean Sea (Bocas del Toro) as from the Pacific Ocean (Pearl Islands); as well as delightful retirement mountains (Boquete, Altos del Maria) are a part of this avalanche of¬†Four Seasons Miami Beach real estate endeavors that looks like starting.

Which are the real factors that resulted in this real estate boost?

We all know that following the hostilities happened in Panama in 1989, the Panamanian real estate market remained hesitant and the small amount of inversions in this sector were directed in its majority into commercial endeavors. Eleven years needed to operate by following this occasion (year 2000) for its leaders in the tourist sector of the Panamanian government (led by the renowned Panamanian singer Ruben Blades) to do it initiating a critical campaign for the enhancement of the nation’s image. Panama was revealed as”the path less traveled”, stressing not only in the benefits of being and global banking solutions and overseas center, but also from the social, tourist, environmental and geographical elements that until then were unknown to the rest of the planet. This powerful effort was promoted worldwide from the key global television chains, in Europe in addition to in the United States. Additional to this, something which has to be confessed, for the year 2003 Panama return back to the international field with the statement that a young Panamanian lady (Justin Pasek) won the Miss Universe competition, situation that permitted by extension the range of advantages of our nation as a tourist and industrial fate.

Meanwhile, little groups of professionals (lawyers, agents, and independent professionals) were offering conferences regarding the Panama’s advantages or coordinated small real estate tours to foreigners. Several articles published in international retirement publications (generation called”Baby Boomers”) and second residences overseas, started to acknowledged Panama among the best countries in the world to live at high standard levels, but with reduced costs; most this caused because of outstanding projects addressed to the market, as”El Valle Escondido” in Boquete – Chiriqui or”Altos del Maria” at Panama. Among the primary triggering factors of the real estate boost in Panama occurred last April 24th, 2006, when Donald Trump declared in New York City the building in”Punta Pacifica” place in Panama City of a 65-story tower branded as”Trump Ocean Club International Hotel”, using a price of 220 million bucks. Further more, on October of the same year, the federal approval for the enhancement of the Panama Canal was granted, initiating building works in the calendar year 2009. Starting from that point, there is not any doubt that Panama would become the center and function model of real estate investments in the region, situation that’s been increasing exponentially.

Which are then Panama’s benefits as a real estate destiny?

Well, let us get in the topic. Let us study those advantages that Panama offers and which will enable you, efficiently, to take the decision to purchase a property in our country, as most foreigners do. By the real estate point of view, we can mention:

– Panama offers the best banking center in the area, with the usage of the American dollar as legal currency and with top of the line banks (HSBC, CITIBANK, BBVA, etc.) that will facilitate the process of obtaining mortgages for thieves, offering a fast international bank trade procedure for deposits and reservation of properties.

– Panamanian immigration law has among the best retirement programs in the world, which will allow you to become a”resident” in under two months. This system provides several incentives as the possibility to import goods and personal values to your new possessions without import duties, as well as motor vehicles too free of import duties.