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About Panama
The real estate frenzy in Panama continues. More condominiums are being built and planned, and major developments are underway. The country is busy re-inventing itself as Latin America’s regional logistics and services hub. Around 300 tower projects, making up more than 40,000 units, are reportedly being constructed or publicly announced. Even the Trump Ocean Club International Hotel and Tower, part of Donald Trump’s $400-million project in Panama City, has started construction.Investors are still entering the market. In February 2008, the Spanish group Interplus announced two projects on Avenida Balboa, bringing 155 new floors worth US$280 million into Panama’s market.
Several other mega-projects are in the wings:
- Panama has signed an agreement with Qatar for the construction of a US$7 billion oil refinery in Puerto Amuelles.
- A consortium led by Hong Kong’s Hutchison Whampoa, plans to turn Balboa into the largest port in Latin America.
- China's government-owned shipping operator, COSCO, in alliance with Ports America Group, is to build a second megaport on the Pacific coast at Farfan —even though Panama recognizes Taiwan.
- Copa, a local airline, aspires to turn Panama into an alternative regional airline hub.
Property prices are rising. Land is being sold from $700 to $1,000 per sqm. Even what used to be sold at $1,000 per sqm is now selling at up to $3,000 per sqm. Construction costs, including cement, steel, other raw materials, and labor, are now higher too.
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