|
The reason why Panama is attracting so many real estate investors is because of the vision of one man. Donald Trump discovered the potential for real estate in Panama about three years ago when he visited the country to witness the Miss Universe pageant held there. He was at once captivated by the beautiful surroundings and purposed himself to develop the land into a major tourist destination with the most up-to-date facilities. A 65-story hotel cum condominium complex is being planned for construction in a trendy neighborhood in Panama City. When this complex is completed in the year 2009, it will also include a world-class casino and marina.
The far-sightedness of Donald Trump also convinced other real estate investors that Panama is indeed a place of true potential. As a result, many new developments are taking place, including a 100 plus-story Ice Tower which will stand as South America?s tallest building and the ninth tallest in the world by the date of its completion. In the next few years, when all the major projects are completed, Panama City will be a world-class city of breathtaking architecture and most advanced facilities. It will surely be a far cry from its humble days as a remote town of little renown.
In fact, Panama is a place with all the right conditions for economical development. The low crime rate and political stability make the country a safe place for vacationing or living. There is also no threat from natural disasters which is quite uncommon for a South American country. However, the major attraction of Panama is truly the low cost of living. Everything from food to housing to medical services is very inexpensive. The prices of products are low because Panama is a free trade zone and the center of distribution in South America.
Panama is destined to be a major tourist or retirement destination for Americans. Its proximity to the United States makes it a most convenient location for travel, with frequent airlines to the major cities. Panama City is also the point of transition for airlines traveling to and from countries in South America. The locals there are also able to speak English considerably well. At present, much is being done in the United States to promote Panama as an ideal travel location for the Americans and retirees are also encouraged to make it their second home.
Ever since it became evident that Panama will be a real estate interest of great potential, investors and brokers are rushing to get their share of the big pie. Investing in real estate in Panama is no longer considered a risk worth taking; it is only the smart thing to do.
Smythe Bradley is an expat living in The Republic of Panama. He has published
many articles on
offshore asset protection in panama,
panama visas and residency, as well as many other
expat issues.
|
|
SIGN
UP FOR FREE
