panama property still one of best investments in the world
News Posted On: 28 July 2010
While there is little about it in the industry press, Panama remains one of the best long term property investment destinations in the world.
The US State Department estimates that Panamanian GDP grew 2.5% in 2009, while this is a massive slowdown on the 9.2% growth recorded in 2008, it is still a strong performance given the recession experienced by many in the region -- including Brazil --, due to the massive slowing of demand from US importers.
The forecast for 2010 is even better, with the State Department predicting 4.5% GDP growth this year, and the ever conservative IMF predicting 5% this year, and 6.3% next year.
The Panama Canal expansion is proceeding. Just this week Australian firm Aconex was awarded the multi-million dollar contract to facilitate communications on the project.
The Panama Canal handles 5% of global sea trade, and so when the size of the largest container ships surpassed its capacity, an expansion became necessary. Its completion in 2014 will boost the economy.
There is also the Trade Promotion Agreement with the US, expected to finally be signed of by the Us government in the next few months. This will also boost the economy.
Unfortunately statistical data on the Panama housing market is like hen's teeth, but what we do know is this:
American expatriates are still buying Panama properties for their retirement. More American retirees repatriate to Panama than any other country in the world. Unsurprisingly then, American expat retirees make up one of the largest buyer segments of resort property and touristic properties in Panama, and as a result have helped to keep the market afloat.
We know that the market has stayed afloat, because there have been zero reports to the contrary. The much publicised Trump Towers would have been a signal-flare; if its construction had been delayed or cancelled we would certainly have heard about it, and equally if such occurrences had become commonplace. In the case of the Panama property market no news is most likely good news.
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