Property In Panama
Panama is not only booming economically, but the real estate market is following suit and now offers strong potential for early investors.
Unlike many of the emerging markets, Panama already comes complete with a well-established infrastructure and a modern business environment. However, Panama is still undergoing changes, so just what would it mean to purchase property in Panama today?
Growing demand for property both in the City and in prime tourist locations means the market is buoyant, offering potential for strong capital appreciation and rental yields.
Panama City is well known as a major Central American and world banking metropolis and it is here that 80% of foreigners stay. In fact, the nation is the second largest financial centre in the world, behind Switzerland, with no less than 150 different banks from 35 countries. Panama is also second only to Hong Kong both as a Freeport and as a provider of foreign registration of the world’s corporations and foundations.
Increasingly, large multinational corporations are establishing themselves in Panama to take advantage of the wide range of tax incentives that the country offers. A resultant demand for high quality office and residential real estate is creating a ready market for property investors in Panama. They are buying up in the City, as well as other well-known areas like San Francisco, El Cangrejo, Bella Vista and Paitilla, not to mention in all the real estate projects and communities underway around the Bridge of Panama.
As Panama’s fastest growing industry, tourism has increased at an average rate of 10.7% from 1997 to 2006. Visitor numbers are growing at such an extent that the airport of Tocumen is currently being reformed to better meet the needs of the increased number of visitors – yet another good sign for today’s property buyers in Panama.
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So what makes Panama such an idyllic location?
Aside from a varied climate and terrain, ranging from hot, sunny beaches to cool, beautiful mountains, Panama offers the lowest cost living in the region and a very high quality of life.
Not only does the country boast a state-of-the-art infrastructure with excellent health care, modern international schools, advanced telecommunications and road systems as well as a democratic constitutional government.
Locals are accustomed to foreigners and, as is typical in Latin cultures, they are very welcoming. English is widely spoken, making Panama very comfortable for buyers from abroad who wish to live and work there.
Further information and resources
||Panama Property Buyers Guide
A simple guide to buying property in Panama. The Panama property Buyers Guide gives you an overview of what to expect when buying property in Panama.
Many buyers of property in Panama seek finance for their investment. This section looks into the finance options available for the purchase of property in Panama.
||Panama Property Currency Exchange
Intelligent currency exchange can save Panama property buyers thousands when transferring funds overseas. Due to our partnership with a major international FX company, clients can transfer funds efficiently.
This section will help clarify many of the most common queries that property purchasers have regarding buying real estate in Panama.
||Panamaian Property News
News articles regarding property in Panama and related subjects useful to property investors. This information will help you to keep up-to-date with the property market prior to a purchase in Panama.
||Panama Property Tax
You will need an understanding of tax matters when considering the purchase of a property in Panama. This section will enlighten you further.
Panama Property Investment
In terms of rankings, Panama currently breaks records in Latin America, for example: fastest growing tourism market, according to the World Tourism Organisation; fastest growing economy, according to the International Monetary Fund; as well as third (after Chile and Mexico) for economic competitiveness. It has the largest number of international bank offices, the largest shipping registry and is second largest free-trade zone in the world, after Hong Kong.
Panama is currently experiencing an unprecedented boom in real estate development, driven by international investors and retirees, all seeking to profit from Panama’s tax efficient arena. In May 2007, Donald Trump began construction of the Trump Ocean Club and International Tower in Panama City, one of the first of several planned luxury oceanfront resorts that, along with the general surge in city constructions, are sure to bring high level investors and further economic activity to the area.
With such intensive economic activity and development taking place, Panamanian property promises investors a very exciting future.
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