trump towers sales strong this year
News Posted On: 16 September 2010
The Panama construction boom was hot news in 2006. One of the biggest stories was the massive Trump Towers (residential, commercial and hotel complex) in Panama City -- a big story in concept and a big story when construction began.
Since the crunch the buzz has turned to silence. However, most analysts have adopted the opinion that no news is good news. That, because we have heard no horror stories of defaulting developers and cancelled developments, the market must be ticking over. The fact that we know of Panama's popularity with US retirement buyers, against the continued sales to such wealthy lifestyle buyers helped to reinforce this view.
We finally have some hard evidence to back it up though. The well respected Sam Taliaferro has revealed Q2 sales figures from the development, as reported by Miller Tabak Roberts Securities LLC, in his well respected Panama investor blog.
According to the report $24 million worth of sale have been done this year, including a bulk sale of 27 units for $6.2 million.
The average price of the bulk sale was obviously $230,000 per unit, which is low for such high quality property in a major city, but in the current market this is still a strong performance. In total 85.7% of units have been sold, totalling $423.8 million in sales.
This proves that Panama property is still a popular choice with investors and prime property buyers. It is little wonder; the economy has continued to grow strongly throughout the downturn, and the IMF is predicting 5% growth this year, and 6% next year. The expansion of the Panama Canal, one of the main income generators in the Panamanian economy is also continuing, which is predicted to boost economic growth massively.
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