‘Panamania’ is gripping Early Bird Real Estate Investors
New bullish figures released by the worlds’ top financial institutes puts Panama top of the shop for overseas property investment.
Panama is in the midst of an extraordinary real estate boom that is transforming the once-sleepy Latin American country. Over 30,000 apartments valuing around $5.7 billion have appeared on the market since last summer, which is a vast number of units in an economy which totals in excess of $16.2 billion last year.
The escalation in development and infrastructure shows no signs of a slowdown and investment news states that a cash injection of $5.2 billion to double the width of the Panama Canal will further the new wealth of Panama. "The expansion of the canal has woken up the curiosity of a lot of people," says Saul Faskha, a local developer.
The Hilton group is taking advantage of the renewed tourism figures by constructing one of Latin America’s tallest apartment buildings, Donald Trumps’ corporation plans to build a new casino, and increased flights have prompted Virgin Holidays to included Panama in their 2008 brochure.
Panama's economy has grown by 8.1% last year, compared with 6.4% in 2005. The government released phenomenal figures earlier in 2007 showing a surplus of $576 million by the end of 2006. As the second largest free trade zone Panama export industry has also aided growth with several multinational corporations looking to relocate to the countries capital city. ‘Panama has grown very, very fast - we didn't anticipate this," says Ubaldino Real, Minister of the Presidency. ‘The government has had to take out more money to be able to act much faster to build roads.’
For more information on property investment opportunities and to findout about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670 or email info@obeliskinternational.com
Or visit our website: http://www.obeliskinternational.com/
Panama is in the midst of an extraordinary real estate boom that is transforming the once-sleepy Latin American country. Over 30,000 apartments valuing around $5.7 billion have appeared on the market since last summer, which is a vast number of units in an economy which totals in excess of $16.2 billion last year.
The escalation in development and infrastructure shows no signs of a slowdown and investment news states that a cash injection of $5.2 billion to double the width of the Panama Canal will further the new wealth of Panama. "The expansion of the canal has woken up the curiosity of a lot of people," says Saul Faskha, a local developer.
The Hilton group is taking advantage of the renewed tourism figures by constructing one of Latin America’s tallest apartment buildings, Donald Trumps’ corporation plans to build a new casino, and increased flights have prompted Virgin Holidays to included Panama in their 2008 brochure.
Panama's economy has grown by 8.1% last year, compared with 6.4% in 2005. The government released phenomenal figures earlier in 2007 showing a surplus of $576 million by the end of 2006. As the second largest free trade zone Panama export industry has also aided growth with several multinational corporations looking to relocate to the countries capital city. ‘Panama has grown very, very fast - we didn't anticipate this," says Ubaldino Real, Minister of the Presidency. ‘The government has had to take out more money to be able to act much faster to build roads.’
For more information on property investment opportunities and to findout about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670 or email info@obeliskinternational.com
Or visit our website: http://www.obeliskinternational.com/
posted by Chris at 10:48 am
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