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Article #114: Panama's New Real Estate Boom

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DONALD TRUMP can't be wrong, can he? consecutive year of double-digit growth
Trump has fallen so much in love with in toll revenues. Tourism and financial
Panama that he is building a $220 services also made impressive growth
Million, 65 story (2.4 Million square gains.
foot) hotel/condo monoliths called the Americans came back to Panama because of
Trump Ocean Club International Hotel & the excellent infrastructure built by the
Tower in a posh Panama City neighborhood. Americans, low crime, numerous
Trump will build 500 luxury condominium English-speaking natives, great
units along with a 312-room hotel. This Immigration Visa programs; the currency
complex will include a casino, private has always been the U.S. Dollar, and
beach club and a marina. Groundbreaking great Tax incentives.
is scheduled around this Christmas with a The Best Reason is that Panama is so
completion date in 2009. cheap to live! Land, housing, local
Why is Trump doing this in Panama of all foods, transportation, leather goods,
places? In an April 24, 2006 press clothing, and local artisan wares are all
conference in New York, Donald Trump said far cheaper than anywhere in North
his interest in Panama was sparked three America or Europe.
years ago when his "Miss Universe" Don't Take My Word for it. Read what
pageant was held in Panama. He saw that leading experts have to say about
Panama city was "beautiful" and vowed he Panama's real estate opportunities.
would develop there if the right The NY Times recently wrote: "Panama is
opportunity came up. His project was increasingly lighting up the radar
"easily funded", noting that as many as screens of those searching for an
seven "major financial institutions were affordable alternative to the more
fighting to put up money." He agreed that traditional south-of-the-border retreats
"Americans are coming in droves to in Mexico, Costa Rica and the Caribbean,
Panama," due to it's political stability, where escalating prices increasingly
low cost of living, low interest rates, rival those along America's own beach
and being located outside of any fronts."
hurricane path. "It's great for baby Forbes Magazine (July 11, 2005) praised
boomers." Trump said, although the Panama as a recommended "PARADISE FOUND:
project will be marketed worldwide. The WHERE TO RETIRE ABROAD" where a U.S.
condominium units will start at $180,000 couple "purchased a lot on a hill
with unobstructed ocean views. overlooking a golf course and have built
Panama is just beginning to realize a a three-bedroom white-stucco house with a
real estate boom! red-tile roof (total cost: about
Besides Trump, many international real $250,000)." in Boquete. "You can hear the
estate investors are also discovering sound of rivers here," says Janet. "It's
Panama. very peaceful."
For example: National Association of Realtors: Tom
Bigger Than Trump: An even taller Stevens, who is their current President,
skyscraper will be built near Trump's recently visited Panama and explained:
Tower. The Ice Tower will have over 100 "We're seriously thinking of investing
floors making it the tallest building in here. It's a great opportunity. Prices
all of Latin America, tied with the are what it was like in the U.S. 20 to 25
Empire State Building as the years ago."
second-tallest in the Western hemisphere The London Financial Times wrote in its
and 9th in the world when it is completed April 14, 2005 issue that Panama is now
in 2010. passing Costa Rica as the place to
And Another! Even before Trump's Tower invest. "Like Costa Rica, Panama is
and The Ice Tower are completed, another loaded with exquisite beach towns, has
skyscraper (93 floors) called El Palacio inviting tax and ownership policies for
de la Bahia will be completed in 2009 foreigners and a long history of
costing over $160 Million. They've political stability. Moreover, Panama
already sold several dozen condos mostly City is an urbane, safe city that has
to Europeans because this is a totally long had a military and civilian US
European investor project. presence because of the canal. A
I asked a Panama City real estate gated-community, three-bedroom luxury
brokerage owner, Daniel Hanna (Panama home on a golf course in the mountains
Real Estate Group what he thought about can be had for $250,000 to $350,000, real
how the Ice Tower and Trump's Ocean Club estate experts say... Chuck Bedsole, who
will affect Panama's Real Estate prices? oversees Latin American real estate for
His response echoes most real estate PriceWaterhouseCoopers, thinks Panama is
agents in Panama: "As Panama continues to at an earlier stage in the real estate
grow in many different industries, these boom."
projects will definitely set a new Conde Nast Traveler's October 2004 issue
standard of living in Panama, thus declared: "Panama is the new Central
increasing the prices around the entire American bargain where the U.S. dollar -
country." the market currency - goes a long way."
So, why are all of these real estate Is it Safe to Buy real estate in Panama?
investors coming to Panama? Buying Real Estate in Panama is safe and
A little History will help explain these secure for foreigners. The U.S. State
phenomena. Panama has always had a close Dept. verifies this by stating: "Titled
relationship with the United States, land, and the process of buying this, is
which helped Panama to secede from similar in concept to that of the U.S.,
Colombia in 1903 and was the first and land deeds are duly recorded with the
country to recognize the new Republic of Public Registry..."
Panama. The U.S. government built the How Long Will this Boom Last? It's just
Panama Canal starting in 1904. Only until starting. Donald Trump hasn't even broken
the year 2000 did Panama actually take ground yet.
control of its Canal after the U.S. Daniel Hanna, the Panama City real estate
closed all of its military bases and broker, reiterates: "Invest in Panama
left. People used to jokingly refer to real estate now before the Towers are
Panama as the "United States of Panama" completed. Panama will become a hot real
due to its close ties to the U.S. After estate market because it has so many
the U.S. left, Panama's economy slumped. attractions than just real estate
Then American retirees re-discovered construction. Soon, the world will know
Panama as a peaceful, safe, and cheap Panama for its natural beauty, healthy
place to retire. climates, and charismatic people. Living
Economical Growth: In 2004, real estate in this beautiful country is just a
construction activity sprang up in benefit!"
different parts of the country. Mostly The National Geographic Traveler
retirement communities nestled amongst predicted in December of 2004: "Panama is
the many beautiful unoccupied beaches and now where Costa Rica was 10 years ago.
mountain valleys. In 2005, construction Panama is getting ready to explode."
permits rose by 90% while Panama's "Boom" I can hear the distant rumbling of
economy grew by a respectful 6.4%. The a Big Boom yet to come!
Panama Canal recorded its third






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