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Where to Buy Now: Panama Luxury Real Estate Booms
| Written by Meg Donohue 02/19/2008 |
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Afraid you missed the boat on the Costa Rican real estate market? It might be time to direct your gaze a little further south. Based on the crop of new resorts and luxury real estate offerings, it looks like Panama is following Costa Rica’s highly successful lead by attracting real estate developers and establishing itself as an eco-tourism destination.
Nearly 20 years since its invasion by the United States and nine years since the U.S. ceded control of the Panama Canal, Panama City may now be reached by direct flights from numerous cities including New York, a five and a half hour trip, and Miami just two and a half hours away.
Panama ranks high on lists of best retirement locations, but there is more to the country than its lush, tropical setting. The Panama Canal is undergoing a ten-year, $8 billion expansion project that will likely boost both the economy and the tourism industry. Additionally, the Panama government offers tax incentives for foreign investments (including 10- to 20-year tax abatements), and the country’s currency is the U.S. dollar. Though real estate prices have jumped in recent years, second home buyers have continued to flock to the country because oceanfront property and new urban luxury developments can still be found at lower price tags than comparable developments stateside.
Here’s look at two high-profile developments now underway in Panama, one urban option and one for buyers seeking beachside living.
Trump Ocean Club International Hotel and Tower, Panama City
Slated for completion in 2010, the $400 million, 68-story Trump Ocean Club International Hotel and Tower in Panama City will appeal to those who want to take advantage of the city’s nightlife and shopping. Resembling an enormous sail, the property includes condominiums and condo-hotel units,a yacht club and pier, a wellness spa, an infinity pool and an on-site 45,000 square foot Trump International Casino. There is also a private beach club on Contadora Island.
The residences feature private terraces with dramatic views of the Pacific Ocean. Ranging in size from studios to four-bedroom units, the residences are priced from $300,000 to $2 million.
Palacio del Mar, Bocas Del Toro Archipelago
Nestled snugly between the Caribbean Sea and Almirante Bay on Isla Colon, the largest island of the Bocas Del Toro archipelago in western Panama (24 miles from Costa Rica), the Palacio del Mar looks to be a bastion of luxury in an island rainforest setting. With coral reefs, world-class fishing, surfing and the adjacent Smithsonian Research Institute, there’s plenty for outdoors enthusiasts to explore.
The development, slated for completion in 2009, will include a spa, gourmet restaurant, a fitness center and yacht and beach clubs. The property features one- to three-bedroom condominiums with sweeping vistas of either the beach or the bay. Residences range from $280,000 to $600,000.
Reader Feedback
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From: CJWednesday, February, 20, 2008 at 09:07 AM
I've found a great website with good and valuable info about Panama real estate. www.panamanewdevelopments.com
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From: Sam TaliaferroWednesday, February, 20, 2008 at 07:37 PM
If you want the real scoop on investing in Panama, good, bad and ugly, go to this blog by an American developer in Panama. http://primapanama.blogs.com/
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From: Querube KelsoWednesday, February, 20, 2008 at 08:50 PM
Thank you Meg for your comments relating my country Panama. Defintile the whole country is boosting in real estate; investment opportunties in hotel, construction and other industries with the benefit of the government incentives offered to foreign investors. If I may be of any assistance to you or any of your readers let m eknow. quasala@aol.com
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From: LeonThursday, February, 21, 2008 at 09:20 AM
Trump Ocean Club. Priced at $4000-5000/dq.m. On add pictures it's like NO other towers are around. I reality - With OBSTRUCTED ocean views from most of condoes -because of very narrow "/\^ shape of tower and other very tall towers, built very close to the left and right of Trump Tower. To make it worst Trump Tower is directed mostly ALONG coast line (as it is located on side of land tip) - so decide yourself what kind if views you will have. Only units on the very tip of "/\" shape will have good views.
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From: KellyThursday, February, 21, 2008 at 11:23 AM
I bought in Panama a year ago and had a wonderful experience working with Amigos Panamanian Properties ,... www.AmigosPP.com They have a nice website with lots of properties and they on top of the ball,...unlike many of the firms that I contacted before my trip.
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From: Panama InvestorFriday, February, 22, 2008 at 09:57 AM
www.Panamainmiami.com has some of the best products available in Panama for sale and a convenient showroom in Miami Florida. you can email them at Panamainmiami@aol.com with your request. showcased project www.Theplazacostadeleste.com
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From: Knightsbridge Investment GroupFriday, February, 22, 2008 at 10:41 AM
For advice on the best investment's in Panama vist www.knightsbridgeinvest-panama.com We have information and news on all the top developments in Panama.
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From: RianaMonday, February, 25, 2008 at 01:50 PM
Here is a good example of fantastic properties for fantastic prices: www.PanamaHouse.info
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From: TimThursday, February, 28, 2008 at 01:40 AM
I am sticking with Costa Rica; in my opinion, Costa Rica is still a ripe Real Estate market especially in areas like South Pacific and for a long-term investment look at the Carribean side. (Limon) I have dealt with a top-notch boutique Real Estate firm called Beach Club Costa Rica (www.beachclubcostarica.com) and I can say they worth there weight. They will even help and assist you in your Real Estate purchase even if they are not involved, or get this, get PAID. There interests are all centered on the client/investor. Check them out.
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From: derreckWednesday, April, 16, 2008 at 10:37 AM
i recently went to Bocas and looked at a development to be built called palacio del mar; they have an amazing sales center in Bocas and plans to build a great development in a couple sites in Bocas with marinas! DK
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From: DerekWednesday, February, 20, 2008 at 08:20 AM
Panama is definitely the up and coming destination for international real estate investors. Outside of the beautiful projects listed above, there are many gorgeous, afforable properties available both on the beach and in the mountain highlands. If you'd like to purchase real estate in Panama, get the ball rolling by visiting the site below: http://www.intrevest.com