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Panama challenges Miami - 7 February 2008
International property investors are fuelling a real estate boom in Panama City.
The city, located on the Pacific Coast of this Central American country, is seen as one of the hottest places for property in all of Latin America. There are currently more than 35 high rise buildings under construction and more than 300 additional projects in the planning stages. If all the buildings are completed, more than 40,000 units will come on line within the next ten years.
Last year, foreign investment in this tropical city grew nearly 20 per cent in the first half of the year alone. The Panama Canal, which has its western terminus here, is being expanded to handle larger ships and increased traffic. This project will also lead to more people moving there over the next few years. According to a recent article in the International Herald Tribune, many people are referring to Panama City as the next Miami.
The city is home to many international companies’ regional headquarters, and has become popular with retirees and second home buyers. The tropical climate makes it great place to live, particularly in the winter. The location on the southwestern edge of the Caribbean makes the country virtually hurricane free, an attraction for some who might otherwise buy in Florida or on a Caribbean island. Plus, property prices tend to be much less than many other locations.
One new project that was recently financed is the 69-floor Trump Ocean Club. This new building is scheduled for completion in 2010 and will include more than 600 luxury residential condominiums priced from $500,000 to $12 million. This project has helped to increase the average property price in the city. Over the past two years, the average high rise apartment price has risen to $3,000 per square meter, or $280 per square foot.
With so much going on, a great climate and stable government, Panama City has drawn the world’s interest.
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