Panama is the southernmost country in Central America, located on the Isthmus of Panama of the same name between the Caribbean Sea and the Pacific Ocean. It borders Costa Rica in the west and Colombia in the east. The main engine of the entire economy of the country is the Panama Canal, built almost 100 years ago. Last year, a referendum was held in the country, and most of its residents were in favor of expanding the canal, which should be completed by 2015. This will allow supertankers to pass through the canal, and Panama's profits from managing the canal will increase dramatically. This event will undoubtedly have a positive impact on all sectors of the economy - including the real estate market. Who is Panama for Buying a vacation home, investing or retirement in a country with a year-round favorable climate can all become a reality in Panama. The main advantages of Panamanian real estate are its price and variety. Here you can buy an apartment with a modern skyscraper, a house on the seashore, next to a golf course or in the mountains - and in each case the price will be much lower than in the USA or Europe. In addition, the Panamanian real estate market is growing at a rapid pace, with a 20% increase in value last year. Another advantage of Florida is that the width of the country from the Pacific to the Atlantic coast is about 80 km and from any point it is not difficult to get to the beaches. It is also important that in this part of Central America hurricanes are less frequent and weaker than in Florida or on many of the Caribbean islands. Note that the cost of living in Panama is relatively low, and therefore it is very attractive for those who want to retire and move to another country. The preferential pension program offered by the state for immigrants makes the country especially popular among those over 50. Perhaps the only disadvantage of Panama as a country for buying real estate is its remoteness from Russia. The flight from Moscow to Panama City takes 19 hours, and therefore only large investors who can afford frequent transatlantic flights can afford buying here. Waiting for Trump The country's capital, Panama City, is reminiscent of Miami in its silhouette. The real estate market is starting to gain momentum here. More than 100 high-rise buildings have already been built in the city, from the windows of which there is a beautiful view of the ocean and the Gulf of Panama, and about the same number of skyscrapers are being built or designed. This construction boom is largely due to the fact that building licenses in Panama can still be obtained without any problems. Two projects in the planning stages - Ice Tower and Palacio de la Bahia - will be the tallest buildings in Latin America and will have 104 and 97 floors, respectively. The cost of apartments in these buildings under construction will start at about $ 200,000, while apartments on the upper floors will cost up to $ 1.2 million. Not cheap - but the view of two oceans from the tops of these buildings is worth it. Donald Trump, the world's most famous developer, will also be implementing his project in Panama. The Trump Ocean Club is slated for completion in 2009. It will be a huge 65-story tourist, residential and hotel complex that looks like a giant sailing boat. The cost of the apartments does not yet look exorbitant and starts at $ 300,000 for a studio. Projects in resorts However, it is interesting to buy not only real estate in Panama City, but also numerous resort complexes. European developers are building mainly on the Pacific coast, in the western part of the Canal. The most popular beach resorts - Punta Barco, El Valle and Coronado - are suitable for both permanent residence and purchase of a country house by residents of Panama City. The price level can be seen on the example of the luxurious Coronado Bay Resort, located less than an hour's drive from Panama City, where apartments under construction cost from $ 150,000 euros. Vacation properties are very popular in the Chiriqui area, where the high-altitude area of Boquete is considered the best resort. Soon, sales of housing will be opened in the unique complex Nuare Boquete Resort, where the cost of apartments will start at $ 104,000, a building plot can be purchased from $ 40 per sq. m, and the already built house will cost about $ 260,000. There are also many interesting projects from the point of view of investments on the Caribbean coast. Among them is the Green Turtle Cay Marina & Resort complex, located approximately 95 km north of Panama City and 55 km east of the entrance to the Panama Canal. A marina, an 18-hole golf course, a club and a casino will be built here. A significant part of the territory of the complex, which is 160 hectares, will be set aside for the creation of a nature reserve. The project provides for the construction of loft-style villas and condominiums with apartments. Other projects on the Caribbean coast include the Azueros complex, located in the southern part of the Azuero Peninsula, designed by renowned French architect Gilles Saint-Gilles. Plots of land here cost from $ 72,000, and apartments - from $ 160,000. And on the Pearl Islands, a group of French and Luxembourgish companies have begun construction of the Isla Viveros complex. So, Panama, and in particular its capital, has great potential for investment. Property prices here are significantly lower than in Florida and the rival city of Miami. Foreign nationals in Panama can easily get mortgages and the real estate buying and selling and rental markets are strong and resilient. The Panama government is investing heavily in infrastructure, and an already stable economy will be even stronger with the expansion of the Panama Canal. In addition, Panama's foreign exchange and taxation policies are favorable to foreigners. Isn't that enough to make you think about buying a property in Panama?
