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DAVID, PANAMA, August 15, 2009 /24-7PressRelease/ -- The Panama real estate market has suffered along with the rest of the world. But recent months have shown a real up-tick in requests for information stemming from growing numbers of Americans who, discontent and frightened about their financial security, are looking for a way to somehow stop the bleeding. The May election of Ricardo Martinelli as Panama's president has buoyed confidence in the stability and security of the republic and, as the U.S.A. and many Latin American countries move closer and closer to socialism, Panama has 'just said no'. By an overwhelming majority, this little nation--"The Hub of the Americas"--elected a successful businessman to take the helm. While America turns to bailouts, handouts and a government finger in every pie, Panama has chosen bootstraps logic over the nanny state.
"Our company have seen a definite increase in prospective buyers who cite, sometimes desperately, their fear of what is happening in their home countries as the main motivator for exploring options in Panama," says Douglass Rollings, marketing consultant for Lost Coast Panama and BuyingRealEstateInPanama. "Panama has always had a wonderful reputation in Latin America for low crime, excellent infrastructure, private and secure banking as well as a relatively thriving economy considering the state of the world today. It is natural that a country that has had a hundred years' interdependent relationship with the U.S. should attract the attention of citizens who are considering the expatriate lifestyle."
Under pressure from the OECD to dissolve its cherished banking secrecy and relinquished its status as an offshore tax haven, it appears that Panama will bend, but not break. Sam Taliafero, pioneer developer in the Chiriqui Highlands, states on his blog that he is pleased that Panama "will hold firm on its position and only do what is beneficial for Panama" adding that "the OECD will not be happy with this outcome." This in reaction to an August 5th proposal presented by the High Level Commission for the Defense of Financial Services International and the Cabinet Council to fight back against "blacklisting" within the World Trade Organization (WTO) and raising the discussion to a higher multi-lateral plane with the International Monetary Fund (IMF).
Obviously, to the average home buyer, this high-level global wrangling isn't very meaningful. But in order for there to be developments built for the would-be expatriate, investors interested in development will want the security of the protection of assets and privacy that Panama has historically provided. The world of Panama real estate is divided into the city and the interior. There has been a great deal of press regarding the 'condo-bubble' and the oversupply of housing units in Panama City. What has not been addressed is the lesser known, but still healthy real estate market in the interior provinces, particularly in Chiriqui, Bocas del Toro and the Azuero Peninsula.
Panama is a country about the size of South Carolina with a population of around three million people. Half of the residents of Panama live in the city and the other half is spread throughout the rest of the country. Foreign home owners have long sought the cool highlands and the Caribbean islands and have established a presence in the towns of Boquete and Bocas del Toro. Newer to foreign interest is the Azuero Peninsula where land speculation fueled by celebrity attention and a very high end resort development has pushed prices up quite rapidly in the last few years. The Pacific coast of Chiriqui is the next area to come on line as it offers the same appeal as the Azuero, but far better accessibility and the advantage of David's proximity--third largest city in Panama and home to an international airport slated for expansion under Martinelli's administration.
Boca Chica in particular, with its dramatic coastline, lush tropical hills and the appeal of record shattering sports fishing just offshore has already attracted a number of posh, five star resorts.
"We see Chiriqui as a logical choice for people who want to experience a different kind of Panama. David is a decidedly middle class city with all the amenities one needs to make life comfortable. Unlike the Azuero, you are never very far in Chiriqui province from first-class grocery stores, excellent and affordable medical care, dining, banking, and other services. You're able to enjoy the mountains or the beaches with an easy drive of where ever you choose to make your home in the province," says Rollings. "The successful communities here blend the security, privacy and comfort of what expatriates know in their home countries with the stunning natural beauty of Panama's landscape. With the quality of life and cost-of-living factored in it's a winning combination."
BuyingRealEstateInPanama is a licensed real estate company specializing in homes, land and investment properties in the unspoiled interior provinces of Panama with a particular emphasis on Chiriqui, Bocas del Toro, Cocle and the Azuero Peninsula. The company offers a full range of professional services for clients and clear, accurate advice for investors large and small. For further information contact us at 772-905-2652.
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