Economic slump 'having little effect on Panama'
By Danny Bance

Economic slump 'having little effect on Panama'

Panama's property market is largely unaffected by the world economic downturn, according to a poll of Latin American property professionals.

The Real Estate and Classifieds listings portal survey of experts found that 66 per cent said the crisis is "barely" impacting on the country, with a further 12 per cent suggesting it is having no consequences at all.

Only a minority (39 per cent) said there was more rental property than demand required, something that could be good news for those investing with this aim in mind.

However, at the moment only six per cent of overseas property buyers are European, the experts said.

This could mean that UK buyers of overseas property are missing out on prospects in the Central American country.

Last year it was stated that British interest in the country as a property destination rose after the story of John Darwin, the man who fled to the country with his wife Anne using life insurance payouts after faking his own death.

Property editor of Buy Association Paul Collins said the event put the country "on the radar" for ordinary UK investors, although more serious buyers had known about it for some time.

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