Even during the "global
recession" of 2009 Panama
continued a relative construction boom
albeit at a slower pace than normal.
Several major condo projects in Panama City
were put on hold until global markets recover.
It has been
a different story for Coronado however
where prices have remained relatively solid and even on the rise
although demand has weakened. While there are fewer buyers prices
were rarely
slashed because few people have mortgages and property taxes remain
low.
In Coronado, for example, about
150 new businesses will be opening in several large shopping
complexes during early 2010 at rents almost equal to those in Panama
City.
An example of a real estate opportunity
in the "greater Coronado"
area is as follows:
In Coronado several major
luxury
condominium projects are in nearing completion. In most cases, each tower has
50-75 larger condo units of approximately 1000 to 4000 square feet each
with some penthouse units 8000 SF. New projects
are still being announced every month or so and property sales
continue quite briskly.
A landmark Coronado luxury project
called "El Alcazar" with 64 units has recently
received occupancy.
There are still a few units left ranging in size from 3000 to 7000 square feet.
Next door in
Gorgona there are at least 10 significant condo developments in various stages of
development. Some of them have "sold out" their first phase.
In cooler heights of Altos del Maria,
30 minutes from
Coronado, about 75% of the 2000 available lots on 5000 acres have been purchased
primarily by
expats since 2005.
Significant of luxury hotels are
being developed on both Panamanian coasts with the Red Frog and Playa
Blanca some of the latest additions. The 5 star Breezes opened its doors in
October 2009 and has been full ever since.
Panama continues to benefit from
the "early adopter" Baby Boomers looking to
secure a sensible second home or a permanent retirement residence.
Panama remains a magnet for
builders and developers
particularly from the USA looking for greener pastures.
With baby boomers crossing the
retirement "finish line" in record numbers, there appears to be no shortage of new
housing demand on the horizon.
Surprisingly there are very few high end "spec houses"
available for sale in Coronado so most expats have to wait an average of 12 months
to occupy
their own
custom house or buy an older house and renovate it.
Local Panamanian building contractors
offer several options to the prospective owner occupant including
a "fixed price" from about $700 to $1000 per square meter.
