Panama’s real estate and economic boom puts it on the path towards first world status
Jul 4 2008
Posted by admin 
in Panama Real Estate, Panama investment
LA TIMES June 16th.
The LA Times recently wrote an optimistic article about Panama’s economic outlook. The article highlighted a number of different economic steps that Panama is taking to pursue first world status. Among Panama’s economic and real estate projects:
- The expansion of the Panama Canal. “economic activity is only going to intensify starting next year,… the $3.5-billion deal to design and build new canal locks, is awarded.”. The Panama Canal expansion is going to require housing for all the workers and their families. “(the construction company) will need 500 apartments for its employees, housing that will have to be built.”. This has many property holders in Panama excited about the potential pool of upcoming renters and an economy that is ready to take advantage of an influx of foreign dollars that is already on its way.
- Panama’s flock of foreigners: Wealthy Latinos from Venezuela, Colombia, Ecuador, and Bolivia seeking to protect their assests from left-wing governments as well as retirees from the US, Canada, and Europe searching for a cheap place to retire, is transforming Panama into a cultural melting pot that reminds people of Miami 15 years ago.
- Multi-national companies are relocating to Panama and adding jobs. “This month, 3M joined other corporate giants Hewlett-Packard, Sinopec and Singapore Aerospace in announcing that it was opening an operation here… Panama added 51,000 jobs last year, double the number in 2006″.
- Lastly, in Panama a true real estate boom has been taking place turning Panama into the hottest real estate market in the Americas. There is not a place in Panama City where you cannot see construction all around you. “The skyline increasingly resembles a mini-Sao Paulo”. The skyline is constantly adding more and more buildings and the people here say that the Panamanian national bird is a construction crane. Anyone who has toured or spent time in Panama would have to agree.
The article does point out that this economic and real estate boom is causing a few growing pains. Among them are issues regarding sanitation, electricity, and the awful traffic congestion. These are all major problems that the government has to overcome, but these growing pains are to be expected when a country, and more specifically a city, is undergoing the development jolt that Panama is experiencing. However, it is undeniable that the city is pulsating with a certain vibe that looks ahead to the future. We’ll just have to wait and see if it all goes well and Panama City can achieve first world status.
To read the full article:
http://www.latimes.com/news/printedition/asection/la-fg-canal16-2008jun16,0,7847226.story
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