Thursday, February 26, 2009

Panama Development Offers 5 Reasons to Buy Real Estate

It has been predicted by economist Nicolas Ardito Barletta that while Panama’s growth is down slightly this year, falling from 8% to 5%, it is expected to see further growth as the Canal expansion continues.

Panama continues to experience a business and tourism boom that caters to an international tourism and business community. has given “5 Good Reasons to Buy Property in Panama”. Describing the 5 Reasons as “sound and solid reasons why property in this stunning Central American nation is a good bet for long-term investors, holiday home seekers or even retirees”.

Here are the 5 Reasons -

1) Tourism is Increasing in Panama.
An economical destination that received a 12% increase each year since 04. The country continues to spend to promote tourism.

2) Desirability of Panama and its Property Product.
Because Panama is both a beach city and a metropolis, there are many aspects that are desirable to different kinds of people.

3) Property in Panama Can be Competitively Priced.
There is significant development and current property on the market. Asking prices are across the board and bargains are to be had.

4) Long-term Potential for Profit.
Due to the Panama Canal expansion, local government and businesses are stable. Long-term rewards can be achieved.

5) Lifestyle
The cost of living is much cheaper in Panama than in the U.S. or Europe, allowing a better quality of life.

Click here for the entire article.

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Tuesday, February 24, 2009

Panama Real Estate Listed in Top 3 Profit Plays

Today’s Financial News posted an article entitled “Three Top Real Estate Profit Plays for 2009….Among the picks? Panama, of course!

Ronan McMahon, a self-proclaimed active real estate investor that contributes to the International Living newsletter, looks for international real estate opportunities around the globe.

According to McMahon, amid the worldwide global recession, there are still real estate deals to be had. McMahon lists Fortaleza, Brazil at the #1 post, Panama City, Panama at #2 and Costa Rica’s Southern Zone as #3 for making money off of your real estate investment. The Make Money Pick #2, Panama, has been on the radar for the past few years, but as the housing market has fallen, Panama remains fairly solid.

Demand for apartment rentals in Panama is up with some rentals going for up to $500 per night. McMahon claims that “well-managed and presented rentals are running at higher than 80% occupancy” and that “rental rates and occupancy have continued to skyrocket”. New condos and land have had prices slashed, now presenting a fantastic market for real estate investors.

Click here to read the article.

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Wednesday, February 18, 2009

Advantages of Panama Real Estate - Banking

The site published an article this week about banking in Panama. As a summary, the site explains the following points of banking in Panama.

• There are 150 banks in Panama.
• The types of banking that exist are:
• Banks that can only do business with entities not in Panama
• Banks that can only do business with entities in Panama
• Banks that can do business with those offshore as well as within Panama
• Savings and Loans institutions which invest 70% of long term deposits in Panama real estate

For those not living in Panama, obtaining a Panamanian bank account can be difficult. However for those that own or rent a home in Panama, the process is easier.

Banks will need cell phone number, regular house phone number, mailing address, reason for being in Panama (i.e., retired, moved), bank reference from home country accounting for your banking history and standing, local references, passport and driver’s license, explanation of your source of funds in Panama, and a reference from a lawyer or accountant from your home country.

Checks from the USA take 3-4 weeks to clear and Panamanian checks can only be written within the country. Panama’s stringent bank secrecy laws allow only national governments holding a criminal case on file in the court system is able to collect from Panamanian accounts (the Mutual legal Assistance Treaty), but it is still a timely process. There is no other accepted party that is able to take money from a Panamanian account holder. Read this interesting article in its entirety here.

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Tuesday, February 17, 2009

Carnaval to Bring Economic Growth to Panama

Carnaval is set to begin in Panama from Thursday, February 21st to Tuesday, February 24th.

Carnaval, like Mardi Gras in the U.S., includes parades, parties and heavy drinking. The festival is celebrated in virtually every small town, many of which will double to quadruple in size. One of the most famous Carnaval towns is Las Tablas, which will have roughly 100,000 people inflate the city of 10,000.

Carnaval begins with a party on Friday night. The queens of Carnaval are crowned and participate in a parade. It is a formal celebration that concludes with a fireworks show. After, there are parties at local bars until 5am. On Saturday morning, the “mojadera” begins at 10am. Water tankers called ‘cuelcos’ are parked on the streets and spray down the partiers with water. In the afternoon, there is another parade with the queens of Carnaval. In the early evening, around 5pm, the square is closed off for cleaning while partiers recharge. In the evenings, Carnaval-goers hit up the bars and squares once again and await the midnight parade of Carnaval queens. This is repeated until Tuesday.

Panama City prepares for Carnaval for the entire year, including planning for parade routes, floats, and municipal preparation. The festival is good for commerce.

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Wednesday, February 11, 2009

Firm Cites Growth in Panama as Reason for New Office

The second-largest lobbying firm in New York is opening a new company in Panama….

Patricia Lynch, a NY-based lobbyist, has partnered with the Sosas, a Panamanian family, to open Lynch Sosa & Associates. Partner Juan Sosa is the former Panamanian ambassador to the U.S. His son will also be joining the business.

Lynch’s office chose Panama due to the strong growth that continues to take place in Panama. Her office claims:

“It’s like a place that’s got the best of the Caribbean and Latin America, while also having a lot of American connections. It’s a great place to do business”, adding that their clientele consists of “a combination of Panamanian folks wanting to explore New York markets, and the second part is New York and American firms wanting to have a Latin American presence”.

This marks founder Patricia Lynch’s first overseas venture. The firm will be located in Panama City. The office has been planned for the last year. Advantages of maintaining a Panamanian office include that it is in the same time zone as New York, uses the dollar as its primary currency, uses English commonly, and has labor costs, real estate prices and taxes that are much lower than in other countries.

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Tuesday, February 10, 2009

Panamanian Real Estate Market Outlook Positive...

Despite the global recession, experts continue to have a positive outlook on the real estate market in Panama and its future in 2009.

The international website, Property Abroad, has reported that “Panama’s property market is proving to be one of the world’s most resilient to the global downturn”. The company’s director of overseas property claims, “Panama's economy stayed strong throughout 2008 and it is widely expected to stay the same for 2009”.

It is predicted that development will continue, with projects like the new Trump and Nikki Beach developments in the works.

For those unfamiliar with Panamanian real estate, The Panama Report makes the suggestions that those entering the market realize the type of property they desire and view the property as an “end-use” property. The argument claims that “unobstructed ocean views are always sought after properties”.

Use our site to view the Panamanian properties we have for sale, including mountain, river, and ocean view properties. We have properties located in Panama City and near Colon and Portobelo. Visit for more information.

Wednesday, February 4, 2009

Development to Continue in Panama City has just profiled Panama City in an article called “Panama: Hotel Hot Spot” and claims that Panama City is “the new business hub of the Americas” due to its positioning between North and South Americas.

Many are claiming that Panama will compete with Costa Rica in terms of development as local developers have stated that they are not slowing down on development projects. There are currently 19 different hotel projects in development for over 4000 rooms, including Nikki Beach, Renaissance, Westin and Le Meridien projects.

In Panama, banking and hospitality industries have remained solid and there are also tax incentives to encourage hotel and tourism development. It was recently announced that the port of Colon will also now be a home port for Royal Caribbean cruise line.

The tourism council of Panama is looking to attract the European market in the next few years, as over 200,000 visited the country in 2008. For full details on Panama’s growth, click here to read the entire article.

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Monday, February 2, 2009

Business in Panama...

Are you thinking of moving to Panama?

Last week, the Panama Report’s Matt Landau published “5 Fun and Simple Panama Business Ideas”. Landau relocated from the U.S. to Panama several years ago and noticed that like many other developing areas, Panama’s economy is reliant on trade, banking and real estate. However, he believes the following industries would be profitable as well….

1. Bars in Casco Viejo that cater to a less affluent audience.
2. Water taxis that operate from Casco Viejo across the Bay of Panama.
3. A lingerie store.
4. A good Thai restaurant or other ethnic restaurant.
5. Historical tours of Panama catering to tourists.

Click here to read the reasoning behind these picks…..

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