Panama Rising

Panama Rising

The construction cranes dominate the skyline of Panama City. Panama seems to be a perfect example of a country doing every thing right. Since the departure of Manuel Noriega and the return of the Panama Canal by the USA, the real estate industry in Panama has done almost nothing but prosper.

Panama made a serious commitment to good management of the resources they obtained in the Canal handover. They have either sold the properties at auction or given concessions to commercial interests providing jobs. In both cases generous tax holidays were offered. The economy got a kick-start from very low paying manufacturing jobs. As wages increased these jobs have moved on to be replaced by better jobs in banking, tourism and the high tech sector.

The retirement market, that once provided buyers for real estate, has been replaced by a thriving second home market. Compared with Costa Rica, the real estate is still cheap. The government guarantees title. The real estate agents are licensed and adhere to a code of ethics. This is a safe market. The environment is protected as well and some of the old problems are being cleaned up. There is still a little bit of corruption; but it is being rooted out. A government official wiped out a banyan swamp to develop the property; but he was caught and imprisoned.

If you are interested in Panama, I have excellent connections there and can introduce you to a competent real estate professional or developer.



David Segrest is a REALTOR in Charlotte, NC

David S. Segrest, CIPS, CCIM, TRC, CEA
david@segrestrealty.com
http://www.segrestrealty.com
Serving the world in the Carolinas, Serving the Carolinas in the World