Panama real estate market

Panama has been the center of attention in recent times not only for its growing tourism sector and international banking center, but most notably for its real estate boom. Panama is in the middle of a real estate gold rush right now, and it seems like everyone and their cousin are exploring.

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

Arrive in Panama today and you will see a large number of cranes in use, construction projects in the heart of Panama City and along the coast. Donald Trump recently decided to get in on the action by stamping his name on a project that is now touted as the best luxury condo building on the continent. Located near the upscale Multiplaza Mall and Johns Hopkins Hospital (the first outside the US), Trump’s neighborhood seems to be getting all the attention it deserves.

However, development is not limited to the city. Just an hour out of town is Coronado and its surrounding towns, where beach condos, residential communities, and all-inclusive resorts face the tranquil beaches of the Pacific. Further west is Boquete and its northern neighbor, Bocas del Toro, where real estate has taken off like a bottle rocket.

Certain celebrities are also getting in on the action: Joan Tapper of The Robb Report 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 captured Panama’s dark horse status, as an area with so much to offer but so little development … still.

The government has come up with a bunch of friendly investment laws that encourage foreigners to invest and with its neighbor to the north, Costa Rica, now making so much noise, Panama is getting more and more attention. Investors are impressed with its stable economy, strong political system, and world-class infrastructure, and while many simply come on vacation, they often don’t want to leave.

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