Real Estate

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Panama Real Estate

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.

 

 
Email richard@panamamundo.com
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Last modified: 12/04/09