There are clear signs of recovery in the real estate market in Panama. The projects which previously were suspended or canceled are now seem to get either continuing investments or the new owners. One of many is Ocean Reef – artificial island right off the coast of Punta Pacifica. Grupo los Pueblos which manages the project is now ready to attract new customers from Miami to all across Latin America and other parts of the world.
Such optimism in the real estate market is not without a reason. Panama is showing positive results in majority of economy indicates and one of the major signs are expansion of the Canal, Minera copper project and many of those corporations who are either planning or already established their offices in Panama.
Most of the agents are now sure that during last year prices have increased at least by 10% in different segments along with further inflow of foreigners from Venezuela, Colombia, North America and Europe.
The increase is especially contrasting with several years of downward trend. In 2005-2008 many of the residential towers have been delivered to the market, however what happened after nobody expected. In some segments prices have lost 30-50% of their price in 2008. At the same time close to 300 projects were still in development.
The prices have now been slowly growing, but the market is still very sensitive to any negative influence. Many investors are still waiting for clear green light in economy before bringing in anything in Panama.
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