Trump Panama was re-launched three weeks ago after a successful bond restructuring that brought new funding and new vitality to the five star mixed use development. New retailers, an entire floor of model apartments and renewed excitement in the Ocean Club has brought the development back into the spotlight for the right reasons.
The numbers forecast a bright future for both Trump and Panama: visitors are expected to surpass 2 million this year, nearly one million more than just four years ago. GDP in Panama just hit 10% this year and has been running in the 7+ range consistently, and the promoters at Trump confirmed 26 new sales in the 10 days following the re-launch.
The financial consultants for hotel chains like JW Marriott, Starwood, and Trump have invested hundreds of millions of dollars building up high end hotel capacity in Panama City because they aren’t looking at the next 12 months, they’re looking at the next ten years. Their investments are based on a demographic shift that those of us in supporting industries are just starting to see.
The Trump name is bringing people to Panama, and the Trump Ocean Club is already winning awards. Conde Nast, one of the world’s most recognized travel magazines, just presented its 2013 readers choice award to the 369 room hotel located within the Trump development. For a building that’s winning awards after being open for less than a year and will be delivering a new casino and private island beach club, a clear winner is emerging in Panama’s luxury real estate sector.
We believe that Trump, as both a residence and as an investment property, is one of the most well positioned properties in Panama City. The Punta Pacifica district where the tower is located is proving to be THE neighborhood for Panama’s affluent families, and we see that demand strengthening as the demographic continues to reaffirm the cosmopolitan city that Panama is becoming.
Executives, families, and entrepreneurs are driving Panama’s rental market and we’re seeing strong rental demand for residences in buildings like the Trump Ocean Club, Dupont, Allure, and a select few other buildings in Panama.
Prices have never been lower in Trump, and with the project re-launch, the new pricing actually makes sense for investors seeking appreciation and cash flow.
The 12 month projections for Panama are stronger than they’ve ever been, and there is strong evidence pointing to the fact that the high end market is a safe place to be in the new Panama.