The boom years in Panama were spectacular for real estate investors and developers. Condo tower after condo tower sprung up in Panama City, dozens of real estate developments launched in areas such as Boquete and Bocas del Toro and a number of new areas popped onto the radar including the Azuero peninsula, El Valle and Boca Chica.
Things slowed down considerably during the global financial crisis, particularly in Panama City where over-leveraged project stalled and over-ambitious ones slowed. But as we enter the second quarter of 2010, Panama real estate inquiries appear to be picking up and sales are increasing. So what is it about Panama that makes investors sit up and take notice?
1) Strong Economy
Compared to other countries in Central America, Panama has some of the most robust economic indicators. It’s GDP growth rate and levels of foreign investment levels surpass the regional averages. And most commentators agree that the current president – Ricardo Martinelli – is taking the right steps to attract even more investment to the country. The fact that Panama has a US dollar-based economy and Panama City, the capital, is a world-class financial center add to the general sense of stability.
2) Attractive Retiree Program
A good proportion of international real state investors looking at Panama are current retirees or people planning for a future retirement in the country. Panama offers a very attractive retirement program including tax exemptions, discounts and benefits targeted specifically at this demographic.
3) Wide Range of Real Estate Options
Panama straddles the Pacific and Caribbean oceans offering real estate on both. Investors looking for beach property can choose between the classic Pacific coast experience with great surf, or and a Caribbean style investment with access to diving. Panama City is the most cosmopolitan city in the region and attracts those looking for an urban lifestyle. For people wishing to escape the heat and humidity, the highland areas of Boquete and El Valle beckon.
The list of factors that make Panama and an attractive choice for real estate investors is a long one. But ultimately the only way you can make the decision whether the country is right for you is to get on an airplane and visit in person. What are you waiting for?
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