News > May 2007

May 20, 2007 Richly Retired: Panama Lures Pensioners South
May 20, 2007 Panama's Health Tourism Boom
May 20, 2007 Panama's Economy Set to Surge With Canal Expansion
May 19, 2007 The Panama Canal Expansion Equals a Brighter Future for Panama
May 19, 2007 Booming Market, Stable Economy, and Celebrities. What's Next?
May 19, 2007 Quotes from the Press: Panama Makes an Impact Around the Globe

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Booming Market, Stable Economy, and Celebrities. What's Next?

Date: 2007-19-05

The past eight years have been quite a journey for Panama. Between regaining control of their famous canal, undergoing reconstruction, expanding their tourism, and a real estate boom that will change the Panama City Skyline forever, everyone waits anxiously to see what will come next.

In the years following the treaty between U.S. and Panama --which declared ownership of the canal to it's native republic--the Panamanian government received a great deal of criticism. People doubted their ability to maintain the canal to the same standards of U.S. management. However, a lot has happened to Panama between 1999 and 2007.

Not only has Panamanian control proven critics wrong; they proposed an expansion of the canal that would provide more jobs, allow capacity for greater traffic, and secure Panama’s economic future. After an impressive “yes” vote for the expansion of the canal, the excitement over Panama progressed to new levels. Banks rushed to Panama to take advantage of the opportunities as a result of the canal expansion.

So far, hundreds of new developments have emerged in Panama, including some phenomenal projects like Los Faros de Panama, which at 350 meters in height, will become the tallest building in Latin America. About 10 billion dollars have been invested into a dramatic modification of the Panama City skyline, and this is all occurring in what is still considered “the early stage.”

Donald Trump is also among the many investors breaking ground in Panama. He plans to build a luxury high-rise in Punta Pacifica. This project promises new standards of luxury, with a yacht club and marina, a casino, gym, salons, boutiques, and more.

Balboa Avenue has become the place to be in Panama City. Much like Collins Avenue in Miami, here you'll find shops, restaurants, and some of the hippest hotels and condominiums. “The city tucked on Panama Bay offers a hip urban vibe and a distinctive skyline. It has sunshine, seafood and shopping opportunities galore. And although Panama is part of Central America, its rhythm and stylish Latin inhabitants have a Caribbean flavor.” says Ceci Connolly in a recent article for the Washington Post titled “Is Panama City the Next South Beach?”

There have been many celebrity sightings all over Panama, including Mel Gibson, Brad Pitt and Angelina Jolie. There were even a few celebrity investors in Panama, such as Mick Jagger, Bruce Willis, and Tommy Lee Jones.

In addition, add a low cost of living to the mix and you'll understand why Panama is quickly becoming one of the hottest emerging markets today. Although, it's hard to expect more from the boom in Panama, investors are clearly on the right path.

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