Tuesday, September 30, 2008

Noriega's Panamanian Land For Sale...

The Panamanian government has announced that it will be auctioning off two mansions once owned by Manuel Noriega.

The mansions, while dilapidated, are culturally significant. Noriega was the former Panamanian general and military director of Panama from 1983-1989 that assumed a dictatorship role for himself. He was overthrown in 1989 by the U.S. government and convicted in Miami, FL in 1992. Noriega is also charged by other countries – including Panama – for international charges including money laundering and drug racketeering.

The auction of Noriega’s former mansions will occur at the end of October, and has the potential to bring in $6 million to the government. The auction will be the first action on part of the government to auction Noriega’s possessions.
The Noriega family has worked for years to block the sale of Noriega’s homes. The government is pursuing the sale of other homes as well.

Panama has changed significantly since the days of Noriega! Read our blog and go to our website to learn about living in Panama today. Panama is a haven for retirees, with many benefits! Visit our site at www.panama-land-for-sale.com in order to learn more about the advantages of living in Panama!

Monday, September 29, 2008

Good Works in Panama

This week, The Boston Herald ran an inspiring story about Oylan Dong, a 17-year-old student in Cambridge, Massachusetts and the good works that she is doing in our adopted Panama…..

Dong began fulfilling a 20-hour community service requirement for high school graduation, and became passionate for Panama and its social development. Dong has made six trips to Panama within the last two years and has made incredible donations to the country of Panama.

Dong, assisted by a former US Embassy coordinator and both of her investment banking parents, has raised more than $35 thousand dollars in private donations to provide supplies for Casa Esperanza, a large children’s organization in Panama City, has helped to improve the infrastructure of the San Jose de Malambo – one of the largest orphanages in Panama, and has even purchased a home in the mountains outside Ciudad Del Nino, Panama for a family of seven that did not have a home prior to her help.

Dong’s work so inspired her, that she is now planning to focus on international affairs in college. She plans to return to Panama throughout her studies….click here to read the entire article.

Are you looking to move to Panama? Our website at www.panama-land-for-sale.com is a great resource to find out information about relocating to Panama, and lists our incredible land specials!

Wednesday, September 24, 2008

Europeans Moving to Panama

Panama has seen a significant rise in the number of Europeans moving to the country. Because the euro has strengthened in the current economy, a large number of European investors are shifting their dollars to Panama.

The European real estate market, like that in America, has softened substantially. Comparably, Panama offers a huge discount on real estate, as well as cheaper energy costs. The coastal areas, like Casco Viejo, are reminiscent of Europe with a variety of architectural styles and cultures.

Panama’s offshore banking is also appealing to Europeans, as Euro banks laws become more stringent. The area is more affordable and offers a better standard of living, without the expense.

Are you interested in affordable property in Panama? Visit our website at www.panama-land-for-sale.com to learn more about living in Panama, and to see our real estate specials!

Monday, September 22, 2008

Casco Viejo Among the Development in Panama

Last week, a variety of publications and online resources, including the New York Times, reported about Casco Viejo - the new “it” place in Panama.

Casco Viejo, also known as Casco Antiguo and San Felipe Catedral, is one of the oldest Panamanian cities. Located on the peninsula that runs along the coast of Panama City, Casco Viejo is an old, oceanfront community filled with colonial homes, museums, and a booming nightlife. Casco Viejo is being defined as the “cultural cornerstone” of Panama, drawing comparisons to Miami and Havana.

UNESCO named Casco Viejo a World Heritage Site in 1998. The city was originally founded in 1673, but was destroyed by pirate attacks and disease.

Since rebuilt, many of Casco Viejo’s buildings are being converted to new and modern museums, boutiques, nightclubs and luxury apartments. The city is a combination of architectural styles, having Caribbean, French, Colonial and Art Deco influences.

The development and nightlife have not hindered the city’s safety, as the government has put special policing controls in place that monitor the city closely in order to protect both tourists and residents in the evening.

Casco Viejo’s growth is indicative that it is a great neighborhood for those still interested in buying property in Panama…..Are you interested in making the move to Panama? Visit our website to see the properties that we have for sale near Caso Viejo and other areas of Panama! Visit www.panama-land-for-sale.com for more information.

Wednesday, September 17, 2008

Moving to Panama? Do Your Research....

This week, The Panama Report featured a special on high-rise condos in Panama City. Recently, Panama City, Panama has been attracting a luxury crowd – of both developers and buyers.

The Panama City market is still booming, but has slowed from the huge boom that took place from 2002-2006. There are currently over 100 condo towers in some phase of construction with a projected 20,000-30,000 units for sale. With new Miami South Beach developers moving into the area with grand condo/hotel plans, will the boom stay intact?

Yes. It is a great time to buy in Panama, as you have negotiation on your side, but you must do your homework. The article we read gave the following statistics about the Panama City high-rise market:
• most sales have occurred since 2004
• most units range between 100m – 200m
• priced between $300,000 to $600,000
• median price is $3,000 per m

This being said – it can be a good time to invest in buildings that have already been established, rather than brand-new properties.

On another note, banks have tightened up like everywhere else in the world. Lending is more limited in Panama than other countries, requiring up to 50% of the down payment for financing. There is no secondary market for mortgages in Panama.

Do your homework. Understand the cyclical and regional implications that real estate carries with it…..

We are happy to help you with your research! If you are considering moving or retiring to Panama, visit our site to see our incredible land deals! Our site, www.panama-land-for-sale.com lists facts, figures, and properties in Panama!

Monday, September 15, 2008

Panama Development Appeals Across the Pond

This week, the Irish Independent published an article titled, “Tailor-made Money Spinners in Panama: Secure Your Future”. The article prices condos in Bella Vista, Panama being developed by an Irish development company that is selling apartments in Panama starting at $92,000.

The article cites that there has never been a better time to buy in Panama with current “yields running at 10% and demand for property at an all-time high”.

Calling Panama “the Switzerland of Latin America”, the article continues to praise Panama for its location, climate, economy, tax incentives, and growth path. For Europeans and Americans – Panama is a thriving location that is quickly going up in value.

Check out our site at www.panama-land-for-sale.com. We have land deals in Panama that are completely affordable! Come move or retire to Panama and enjoy our unprecedented growth!

Tuesday, September 9, 2008

Telecom Developments to Help Growth

Another fabulous advancement in Panama!

The Jamaica Observer reported this week that Digicel Group is making plans for a $334 million investment in Panamanian operations.  According to the paper, the project “consists of the construction and operation of a Greenfield mobile cellular telephone network in Panama”.

This mobile network should help with infrastructure concerns from rapid development that have been voiced by Panamanian residents.

Digicel acquired their license in May for $86 million, due to its work and success in the Caribbean, where the company is the fastest growing GSM operator.  The company currently has over 6.5 million subscribers in 23 key markets.  Digicel is the third company to acquire a license, and the IFC provided a $50 million investment.

Digicel’s contract will provide a more reliable, high-quality network for telecommunications services at affordable costs for Panamanian visitors and residents.

Digicel Operations will be headquartered in Panama City, and the financing of the project is coming from the World Bank.  The contract should result in over 1,000 new jobs in Panama.

Read the entire article here.

Are you interested in moving or relocating to Panama?  Use our site as a guide.  We have investment and residential land deals listed at www.panama-land-for-sale.com.  Visit us to see our featured properties!

Monday, September 8, 2008

Panama Tourism Indicates Further Growth and Development

Yesterday, the Sun-Sentinel reported about the growth in Panama taking a bite out of South Florida’s tourism.

This year, Panama’s international tourism was up 30% from last year, having placed hundreds of millions into the city’s hotels. Many are now calling Panama the ‘new Miami’ and the ‘hottest spot for new hotels outside the Middle East’s Dubai’.

Panama’s visitors from South America and the Caribbean have increased, and many are moving to the country as well. Travelers and retirees from the U.S., are drawn to the country due to its use of the dollar and its closeness to Florida (3 hr flight).

The growth will continue as well. The Seminole Tribe’s Hard Rock International has plans for the area. It will be their first Latin American hotel. Other luxury hotels are moving to the area with hopes of luring an upscale crowd to the area.
Nikki Beach Hotels & Resorts, Buddha Bar, and Breezes Resorts are all planning to open hotels in Panama City.

These are very exciting developments, and are due to the local government’s accommodations that are encouraging hotel investment and development. With the expansion of the Canal, the city is planning over 8,000 new hotel rooms.

This is terrific news for those of us who have decided to live and invest in Panama. The growth continues….It’s not too late to get in on the action! Visit our website at www.panama-land-for-sale.com for information on our land investment deals!

Thursday, September 4, 2008

Expansion in Panama Can Continue

We’re all breathing a sigh of relief here in Panama.  Yesterday ended a strike at both ends of the Panama Canal – due to workers walking out on strike.  Thankfully, for all parties involved, it did not disrupt shipping on our vital waterway.

Crane operators and harbor towage workers in Balboa and Cristobal walked out in the morning, but have now resolved a dispute with the government concerning wages.

Because the dispute was settled amicably, our economy and the expansion work will not be hindered.  The Panama Canal is responsible for roughly 5% of global shipping, and is about 1/5 of Panama’s total economy.

The Cristobal port, on the Atlantic side, handles mostly container ships.  The Balboa port, on the Pacific side, is one of the largest ports in Latin America.

Our economy in Panama is booming, and so is the housing market.  Are you thinking of relocating or retiring in Panama?  Visit our blog and our website for all of the latest information on Panama, our development, and land specials!  Go to www.panama-land-for-sale.com for more information.

Tuesday, September 2, 2008

Panama Lighting Up Due to Growth

Panamanian President, Martin Torrijos announced on Monday plans for “Operation Light Bulb”. The project will involve handing out roughly 6 million energy-saving light bulbs to Panamanian citizens (an average of 2 per citizen).

The purpose of the project is to lessen the increasing demand for electricity in Panama. By switching to the energy-saving bulbs, blackouts can be prevented – which had begun to peak in May with increasing electricity demand.

Due to the developmental and rapid growth in Panama, local energy providers are strained. The country is currently building another 15 energy generation facilities, due by 2012.

The government has purchased $13 million worth of the fluorescent energy-saving bulbs in order to take the strain off of the current electrical providers. The energy-saving bulbs are far more more efficient than their incandescent bulb counterparts. If Panamanian residents would use the bulbs, it could replace the construction of a 60 megawatt power plant that would cost ten times what the energy-saving bulbs are capable of.

Similar energy saving plans have already taken place in Cuba, Venezuela, Europe and Australia to great success. 3 million energy-saving bulbs will be delivered later this month and distributed at no charge to poor areas outside Panama City.

Take part in the amazing growth in Panama! Visit our website at www.panama-land-for-sale.com to see our incredible land deals and to view our properties for sale!