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| Caribbean Property Magazine Home / January 2009 / 'Caribbean Real Estate : Put Your Smart Money into Panama' | SEND THIS PAGE TO A FRIEND  |
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JANUARY  2 0 0 9Issue 24
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CARIBBEAN REAL ESTATE Selling real estate across Latin America, Mexico, and the Caribbean, our research provides analytics and user metrics targeted eight times higher in Panama then anywhere...Now, this internet traffic provides a clear delineation of Traffic - > Phone Calls and Enquiries - > Visits - > Investment. Panama is not a destination...It’s a first world emerging nation with a stable economy defined by international banking and commerce, the Panama Canal and its recently designated 5.3 billion dollar expansion project, and Free Trade Zone; all of which is complimented by a drastically augmented tourism industry. As Panama has grown as an independent democratic republic, so has its first world infrastructure including well maintained paved roads extending into the nether regions, inexpensive domestic flights providing daily transportation options across the country in about an hour’s time or less, and modern waste management, sewage, city water, and fibre optics systems. Unlike its neighbours, Panama has benefited from painstaking and responsible city planning and growth placing infrastructure first, and tourism as an afterthought.  In a roundabout way, the growth and economics of Panama combine with unpatrolled stateliness to create the thriving tourism industry. Another unique feature of Panama is that there doesn’t seem to be a level of disparity of hungry and starving people, nor a level of violent crime or resentment towards foreigners, or others who are wealthier, as is prevalent in other countries throughout the world. PANAMA OFFERS THE ONLY BANKING IN THE WORLD THAT HAS REMAINED COMPLETELY STABLE AS OTHER WORLD BANKS HAVE GONE INTO CRISIS MODE Panama has no central banking system. We hear this mentioned when commenting on the investment opportunity in Panama, but what does this really mean? Panama offers the only banking in the world that has remained completely stable and afloat over a period where every other bank and banking system in the world has literally gone into crisis mode. Panama has never offered nor invested in subprime mortgages. It means that each independent bank branch must do its own due diligence on an individual basis to determine its own conservative lending criteria...as such, Panama’s money markets and financial institutions have not suffered, and the recovery time will be short lived and never slow to a negative growth point as in the United States. Funds are still available to both Panamanians and foreign nationals for the purchase of Panamanian real estate, and at competitive rates. Pedasi The microclimate of Pedasi on the tip of the Azueros Peninsula is something that is quite astounding. Disregarding the unparallel beauty, diversity of flora and fauna, and ample sunshine, what is occurring in this region of Panama should be on everyone’s radar. What was once a sleepy coastal fishing village is emerging as the Hollywood of Panama. International celebrities such as Mel Gibson, Keith Richard, and Toby Maguire have recently purchased property there, as have other international high-net worth individuals, major international hotel investors and even royalty. The fact that individuals of this stature have come in early has transformed Pedasi into a destination that provides five star low density and growth in value development. Foreigners own most of the coastline here and there are only 5-star, high quality homes and hotels...and nothing in between...creating a certain kind of exclusivity, unlike some other regions of Panama.  The Padasi region is for the most discriminating – those who want to be away from it all, as it offers privacy, yet it still has great access, excellent medical care and is in the cultural epicentre of Panama. Check out the Coasta Pedai Resort for an idea of the type of quality resorts in this area. And, I can recommend that everyone should visit the Azuero Peninsula for Carnival in February. Bocas Del Toro- It’s quite easy to see the appeal of this Caribbean region of Panama. Along with the plethora of shaded blue and green water, it offers spectacular snorkelling, scuba, reefs, surfing, and boating. Bocas is frequently rated as one of the best places to retire by many respected publications and in the past, it has benefited from this positive press. However, there is often a down side to positive publicity and in this case positive publicity has often caused Bocas to be plundered by detrimental real estate development. An excellent example of this is Red Frog, a development whose environmental impact permits have just been reneged...again. Conversely, there is Sunset Point, which is located adjacent to the Smithsonian Research Institute and has benefited from careful planning, preservation of the local environment (including active mangrove forestation), and from low density development. Sunset Point offers underground electric, and grey waste management, which combined, offers a tangible asset to the new wave of investor and second home buyer...representing a solid investment that one can feel good about making. The “feel good” aspect of this sort of potential purchase helps one arrive at a decision to buy, given the sentiment of the conservative nature that has resulted in the global investment climate. Panama City- Commuting to Panama City from Los Angeles, I can see a skyline that is not only ever changing it shadows that of my home city, one of the largest in the world. There is so much new construction, so many buildings and towers, and development projects...how does one find the best one, the best deal, the best developer in a clearly defined buyers market? And, why buy in Panama City? This sort of purchase is for the investor. Panama City offers a cash flow model, and despite the recent spur of inventory, throughout the rainy season/low season, it was nearly impossible to find a hotel room on a weeknight. There are hundreds of hotels in Panama City. Hypothetically digging deeper, what is the meaning of this - the high international demand of being in Panama City? In Panama City the real estate market is evolving with the times and providing the cash flow model of the Condo Hotel as a viable option from the likes of a Hotel Nikki, the first 6-star condo hotel in Panama. Also, the rental market is quite substantial because it is imploring short term, mid-term, and long-term demand, left void by this 90% occupancy rate.  What makes one building better or worse than another? Well, let’s take Grupo Los Pueblos as an example. It has the first active lifestyle community in the country, The Embassy Club,, located strategically adjacent to the U.S Embassy in Clayton. Clayton is a residential, suburban, master-planned, highly active community within the confines of Panama City which provides all the comforts of urban life at reach while being surrounded by metropolitan parks and distant city and Canal Views. Clayton is also an area where the land supply is scarce, and there are very strict zoning laws which facilitate its growing appreciation. The Embassy Club has all its permits, planning, and documentation in place, and with a work force of close to 1000, units will be delivered shortly. Chiriquí Highlands: The quaint mountain setting of the Chiriquí Highlands offers the rapidly growing communities of Boquete and Volcan, the quintessential mountain retreats, with distant ocean views compete with stunning views of the mountain, valleys, and rivers. The growth of Boquete occurred first and has spawned its sister town of Volcan, now in the very early stages of growth. Both are located adjacent to each other, separated by Volcan Baru, an inactive volcano that provides the highest elevation of Panama. The climate provided by the quaint mountain setting is home to a very diverse plant and animal life including endangered orchid species, low amount of insects and a temperature of around 75 F degrees, with little variation year round. The extremely fertile soil gives way to the largest agricultural establishments in Panama, most notably coffee plantations. The largest coffee plantation is operated by the Jansen family. The Jansen family has a master plan in the works to create a multi-billion dollar development to include shopping malls, movie theatres, a vast commercial center and a plethora of residences which will undoubtedly attract speculative interests on their way to completion. A PAVED ROAD IS UNDER CONSTRUCTION THAT WILL BE CREATING A DIRECT ROUTE FROM BOQUETE TO VOLCAN IN TWENTY MINUTES TIME As it stands now, Volcan and Boquete are two hours away from each other because there is no road to connect them directly, causing one to travel back to the coast, and drive up another road to reach Volcan. Fortunately, there is a paved road currently under construction, that’s to be completed by mid-2009, which will create a direct route from Boquete to Volcan in twenty minutes time. Hence, both communities will be able to share amenities, restaurants, banking, golfing, and an air strip, etc. | ||
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While Boquete has grown first and some speculation has already been achieved, its growth has now slowed, but there still remains a demand from foreign real estate interest. Volcan is taking off due to highway construction and additional development plans. Volcan has the opportunity to learn from the mistakes of the rapid and new growth that occurred in Boquete, which will allow this towns to grow together in symbiosis. Pacific Coast Developments- There are sporadic developments popping up along the Pacific Coast, about an hour from Panama City and beyond. All offer unique and spectacular master plans and finishing’s, but upon further investigation, it is easy to discover that some that are in a class by themselves. For example, the extremely well funded Buenaventura offers a Jack Nicholas Signature golf course, and 2 km of pristine Pacific Ocean coastline. Some resort developments are located near rivers, which can be preferable to the ocean, for in some areas there may be riptides which present dangerous swimming conditions for your six year old. Also, the ocean views in some areas are cloudier and less colourful than river side developments. It is also important to note that some of the older developed communities, in trying to attract a wider target of buyers, offer a flexibility to design/customize your own home, which often presents a lack of foresight in keeping with design integrity. For example, situations have occurred in some areas where a buyer has built their dream home, replete with ocean view, only to have a neighbour build a home later that blocks their ocean view. I’ve presented the regions of Panama that are experiencing the most searches, enquiries and sales as driven by the global consumer market. The ramp up of this can be seen in the last six months, and can be expected to continue into the future.  Although we are currently experiencing the worst global financial situation of my lifetime, I can report that the malls around Panama City are bustling with people and commerce and the economy has grown 8.3% this past year to date, November 08. And, the country continues to grow As a result of its infrastructure and careful planning, Panama can handle the growth and dramatic increase in tourism in a responsible manner and with style, as opposed to playing catch-up or having to compensate the integrity of the nation, or the environment, as have other regions of Latin and South America. Having travelled the entire country extensively, I have eaten a multitude of cuisines, had meals on the fly, and drank water from the tap and all without illness or worry of illness. And, I can easily travel throughout this beautiful country due to the well maintained paved roads which provide access to even the most remote regions of Panamas. And, most important to me, both my money and my family are completely safe in Panama. About The USA Realty Group The USA Realty Group has arrived in Panama, with the opening of their Panama City Group head office in December 2008 and along with them comes its network of customers across the entire United States and Canada and beyond, encompassing over 100,000 independent and networked sales agents and their own customer bases. Deploying proprietary technology and software, such as The USA Realty Group Sonar Search and Lot Locator, The USA Realty Group not only brings together a worldwide network of selective real estate professionals, and sophisticated investor clients focused on opportunities in Panama, it also provides a service that streamlines the sales and education process of Panama investment as a major value added service to the country and its people. The USA Realty Group offers an opportunity to invest in Panama, securing the very best investment opportunities in the very best projects for its customers and investors, as well as for its Panamanian development partners. The USA Realty Group - working with everyone - delivering success. It is our Group’s synergy of value, offering expertise, multifaceted due diligence, and the understanding and deployment of technology as well as the internet medium, that combine to offer a truly unparalleled investor experience on a global scale to the emerging market of Panama. The goal is to offer an understanding of Panama, its governmental process and due diligence, alongside its Panama business culture that offers a style and sophistication, and ROI to our clients and investors that simply can’t be found anywhere else in Panama. We offer all of this with respect to moral responsibility toward our partners and clients. In a time of global financial confusion, The USA Realty Group is set to provide clarity in Panama.
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