Panama Real Estate
Developers and investors from around the world are showing massive attraction towards the Panama real estate market. This attraction is caused by the fact that the country’s canal is planned for expansion and many other such developments are likely to take place in the country that will lead it to reach an economically developed state of worth US$12 billion. Hence, investors are racing to claim a place in the market, at the moment, so that when the country becomes more economically developed in the near future, they can watch their investment grow.
At present, Panama is specially facing a lot of construction work that is going on throughout the nation and the sales price of real estate has also not ceased to increase across the country. Many have assumed that the growth of the market and the price increase is good to last for another ten years. Even the safest predictions state that, if not ten, the growth of the market is very likely to last for at least five more years.
Donald Trump, the ever so popular wealthy businessman, is involved in the construction craze of Panama City. He is involved in many projects throughout the city, both commercial and residential structures, via his local companies. He has also taken up projects for his Trump Ocean Club International Hotel and Tower at some major tourist attractions. He has also influenced many developers to build high rise buildings in the city, and by the looks of things, the city is likely to have some of the tallest buildings in all of Latin America. Some Spanish based developers are also trying to obtain a place in the market.
Another situation that has caused a “adding fuel to fire” effect on the demand for real estate in Panama is the fact that many U.S. based retired residents are looking to move to Latin America to break free from the higher living cost in the U.S. This demand on real estate is a steadily growing curve, behind which yet another reason is the improving employment figure of Panama and the wages that are offered, hence, allowing more and more people to make an investment. And, those looking for a different place to stay is no longer limited to the U.S., people in Europe who cannot cope up with the European market condition are also considering Latin America as one of their few options to move to and to make an investment.
Some of the few changes up, for the future, are the expansion of the Panama Canal, the construction of an oil refinery by a U.S. based company and the development of a gigantic port at an entrance to the canal. Hence, while property prices may already be high at present, they are likely to rise even higher when all the development work is done, as then, supply is likely to be a lot less than the demand for real estate in the market.