Panama Real Estate
Globally recognized as an "upper middle-income country", Panama stands out among
the countries in Central America. Its blossoming economic progress is visible in
the country's advanced infrastructures, profitable reforms and organized
diplomacy. Located down south of Central America, Panama is considered a
transcontinental nation as it bridges North and South America. Such isthmus
location has been instrumental in the nation's progress. Panama was a Spanish
colony since the sixteenth century. With Colonel Jose de Fabrega in the lead, it
gained its independence in 1819.
Panama has been moving forward as it was the first Latin American country to
hold a dollarized economy, using the US currency along its own money called
balboa. It boasts of international business hubs and industries, being one of
the most industrialized nations in Central America. More than a transit between
North and South America, Panama also connects the North Atlantic Ocean with the
North Pacific Ocean through the majestic Panama Canal, which it has been
commanding since 1999.
The country's economy relies basically on service-based enterprises. Its
location makes it a feasible venue for heavy financial transactions such as in
banking and trading, as well as manufacturing and tourism. Trade in Panama is
included in the Colon Free Trade Zone, the most extensive free trade region in
the West. A highly consumptive nation, it has an import of about sixty five
percent of the trade zone's goods. Conversely, Panama has ample export products,
constituting about ninety percent of the total imports.
To date, a major component of Panama's economic boom is its real estate. The
demand for properties in the country has dramatically increased as its tourism
expanded and consequently stretched its market. Panama's moderate tourist return
has progressed to include numerous commercial investors and retirees. The
country's landscape has lured individuals, families and firms to buy or
construct second homes in the country's urban district, in its scenic
countryside or in its breezy uplands.
The rising demand for real estate properties necessitated the expansion and
development of areas. In 2006, an estimated 107 construction projects for
residential and commercial buildings were finalized in the busy metropolis of
Panama City alone. Panama earns from these activities, not only from the real
estate sale but also from the local employment generated as well the
construction materials acquired, answering about twenty percent of the country's
GDP. Apart from these projected outputs, the construction of apartment units in
Panama City is underway. These elegant properties were designed to compete with
cream of the crop properties in major cities in the United States such as in New
York, and those along the coast of Miami. Inevitably, the evolution of
residential and commercial properties in Panama resulted in the rise of prizes.
For example, these attractive units are put on sale at high prices, a
condominium unit to have an average price of $ 289, 111.
The thriving demand in the real estate realm is supported by the local
government, concretely by giving incentives and encouraging private financial
institutions such as banks and real estate brokers to make available convenient
credit lines, offer discounts, and establishing long-term healthcare policies.
Both the government and private real estate firms have also made purchasing of
properties from abroad more convenient to potential investors, as they are given
with reasonable options in actualizing their transactions. Transactions can be
made via a corporation, designating a legal representative to sign in behalf of
the buyers. Purchase can also be done through a local representative who is
credibly authorized by the buyer. But more so, the government has ensured that
along the arrival of tourists and investors is the campaign for the improvement
of quality life in Panama.
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