Panama Economy Holding up amid tough times!

In a recent article in the Tico Times it clearly states how panama has seen a bit of a slow down but still continues to grow, read the full article below or access at:  http://www.ticotimes.net/dailyarchive/2009_06/0626093.cfm

Panama not panicking amid economic trouble

By TimRogers  Looking on the bright side: The Trump Ocean Club continues its upward climb amid other skyscrapers in Panama. Tim Rogers | Nica Times PANAMA CITY, Panama – After Several years of explosive economic growth, Panama is starting to show signs of wear from the world economic crisis. The economy, which was growing at near double-digit rates a year ago, registered a more modest 2.5 percent growth rate for the first quarter of 2009, according to government figures released last week. Leaders of the real-estate development sector, which has powered the country’s economic expansion for the past five years by producing more than $1 billion in new construction annually, now predict as many as 60,000 workers could be out of a job by the end of the year. But Panama isn’t panicking. In fact, thanks to its solid banking system, geographical position and perhaps a dose of good luck, Panama expects to ride out the crisis better than its neighbors and come out the back end of the storm stronger than it went in.

for panama real estate of panama beachfront condos visit http://www.selectpanama.com

Santa Clara Residences Announces the Launch of their Website www.santaclarapty.com

Santa Clara Residences’ management team is proud to announce the launching of its new website created by local panama web designers adestudio. The new Santa Clara Residence website truly captures the essence of this panama beachfront condo project. The natural beauty that surrounds Santa Clara is prominent on the website which includes sunsets, farallon island, seagulls and the ever so popular white sand and palm tree lined beaches.

Santa Clara Residences which is a Panama beach-front condominium project, is owned by local businessmen: Mr. Peter Vallarino (AIRCO), Mr. Rogelio Aleman (CUSA), Mr. Marco Schrem (MSG Properties) and Mr. Lucas Zarak, who is in charge of the administration and development of the Project.

The Location of the Santa Clara Residences is just 120 km (74 KM from Panama City) which is only 1 hour and 20 minute drive through the interamerican highway. Santa Clara Beach Residences will feature two luxurious towers of 23 floors each, both strategically positioned to allow for stunning pacific ocean views from all areas of the project.

The apartments at Santa Clara Residences are designed so that you can fully enjoy the breathtaking terraces in every apartment, most of which will include a private jacuzzi. The apartments will feature a floor to ceiling of 2.95 mts. which allows its residents to enjoy panoramic views of the Farallon Island and the beautiful blue Pacific Ocean.

The floor plans at Santa Clara Residences will include 94 mt2 1 bedroom + studio complete with 2 bathrooms and open kitchen, a 159 mt2 2 bedroom 2 bath layout with open kitchen and jacuzzi in the terrace, and 191 mt 2 4 bedroom 3 bath layout with jacuzzi in the terrace. There are also Jr Penthouses 208 sq meters that are 3 bedrooms 3 bath complete with jacuzzi in large terrace and also Jr Penthouses 244 sq meters that are 4 bedrooms 3 bth also with jacuzzi on large terrace.

Santa Clara Residences continues to show great demand in the Panama Real Estate market place with many local panamanians buying in this highly acclaimed panama beachfront condo project. For sales information contact panamarealtor@gmail.com at www.selectpanamarealestate.com or call us in the US at (305) 420.6840 or in Panama at (507) 302.7444

Panama Farmland Showing Demand

With the costs of petroleum going down, the price of cement, steel and
other construction materials tanking, the only commodities that have
experienced in increase in price is food and gold.  The increase in
food prices and the increase in agricultural incentives in panama has
seen a recent upsurge in demand for agricultural land in Panama.  With
many rich farmland throughout panama such as is the case in the cocle
province just 1 hour away from panama city, the demand for land from
locals as well as foreigners continue to rise.

In areas close to Penonome towards the hills in areas such as Tambo
there is vast amounts of land being used for orange plantations, with
over 1200 hectares of valencia oranges planted in this area.  There is
also a new orange processing plant for “Panama’s Best” orange juice and
in the months of January we should see the plant very busy due to
harvest season.  This areas rich and fertile soil is also very popular
for the plantation of other products such as pepper plantations,
vanilla plantations, coffee, bananas, and hardwood trees such as teak,
mahogany and oak.

We spoke to panama real estate experts at panama-experts.com
and they told us that recently they have seen an increase in demand for
farms that have teak already planted due to the tax incentives that
panama provides for teak investments and/or farmland.  Cattle raising
is also very popular in these areas with land parcels with great forage
planted on them and a plentiful amount of water from numerous rivers
and brooks throught these areas.  There are other areas in this
province that are also very popular for farming and rural residential
developments projects such as is the case in la pintada and Miraflores
where there is a rural residential project with larger than acre lots
with a “hobby farm” feel and the Palmar river running through the
back.  These areas represent great retirement opportunities since land
can be purchased as low as $4.00/meter for parcels with infrastructure
such as access, electricity, water and even internet.

Panama Real Estate market continues to Boom

It seems like there is no slowing down Panama’s Real Estate market boom, flights continue to be full, hotel rooms are fully booked and there are buyers everywhere.  Since the US market slowdown demand for Panama Real Estate continues to grow and it hasn’t slowed down, more americans are seeking a place to park their investments and it seems like everyone wants to get away from the ever so astronomical US taxes.

Europeans continue to come down to Panama and now more so that the euro continues to grow, they are not only investing but are coming to Panama to set up businesses and calling Panama their home.  With the popularity of Latin America many businessmen are considering making Panama their main hub, due to its strategic geographical location to the rest of Latin America.  We have seen europeans set up boutique hotels, mortgage companies, and just plainly capitalizing on Panama’s many incentives and growing tourism.

Proyects continue to flourish in Panama along with the Panama Canal expansion, the Balboa Avenue Cinta Costera, London & Regionals multi media complex in Howard Airforce Base, there are plans to construct an Oil Refinery in the Puerto Armuelles area that will employ over 10,000 people, among many other proyects.

Yes Panama City’s skyline is a reminder of Miami but considering that in panama many buildings feature 1 or 2 apartments per floor (a luxury in the US Market) there are many apartments being built but quite a healthy demand for them.  With so many foreigners wanting to move to Panama and set up shop demand for Panama Real Estate is quite good.

For those who have invested in Panama already the outlook looks good and for those who are considering visiting or investing in Panama now is the time.  For Panama Real Estate visit http://selectpanamarealestate.com and for Panama Land for Sale visit http://panama-experts.com both very good sources for property in Panama.

Select Panama Real Estate Announces the launch of its new Site!

Select Panama Real Estate Announced monday the launch of its new site http://selectpanamarealestate.com Select Panama Real Estate website will feature Panama Real Estate including Panama City properties, Beach Properties and Mountain Properties. Select Panama Real Estate promises to be the best in “Choice” Panama Real Estate. As their site mentions:

Select Panama Real Estate

Select Panama Real Estate is a boutique Real Estate Agency based in the World Trade Center in Marbella, Panama. Our objective is to maintain a high standard of quality and professional service to our clientele by providing an unsurpassed service that that our clients can depend on.We have combined our networking, experience, knowledge, and technology in order to help you gain maximum efficiency and achieve that competitive advantage that you deserve in Panama. We have designed solutions for a range of services in Panama, including a full gamut of Real Estate Services, including Legal Consulting, Formation of Corporations, all geared to make your investment in Panama a positive experience. We invite you to browse through our website and review just a few of our “Choice” properties and to give us the opportunity to serve you. Please feel free to contact us at anytime, for anything that you may need assitance with in Panama, we are here to serve you! We send out our congratulations to the Staff of Select Panama Real Estate for a job well done and wish them the best of luck in their endeavors.

Great News! Tax Exhoneration Law Extended til 2009!

Great news continue to pour out of Panama and now the government of Panama has announced it will extend the 20 year tax exhortation’s law. The law states that any new development which obtains a certificate of occupancy before December 31 2009 will enjoy a property tax break for the next 20 years! Yes, that is right, NO Property Taxes for 20 Years!

In an article today in La Prensa it states how the Cabinet, CAPAC (The Cámara Panameña de la Construcción) which is the construction authority in Panama, and ACOBIR were all in agreement is passing this law. It will be a healthy move that will further improve Panama’s booming economy!

This law is very healthy for nationals as well as foreigners wishing to make Panama their new home. Panama’s booming economy is directly attributed to the booming Real Estate market, the expansion of the Canal and the current influx of foreigners setting up shop and not only visiting Panama but making panama their workplace and home.

The article in spanish reads as follows:

Extienden exoneración de impuestos a casas

El 95% de las viviendas que se construyen es para nacionales y solo el 5% para extranjeros.

El beneficio será para todo tipo de compradores y eso da una ventaja competitiva sobre otros países.
LA PRENSA
‘BOOM’. Hasta el 18 de diciembre, se han expedido mil 846 permisos de construcción en la capital, según Ingeniería Municipal.959943

Mario A. Muñoz

El Consejo de Gabinete aprobó mantener la exoneración del Impuesto de Inmueble por un periodo de 20 años de todos los apartamentos y viviendas, informó la ministra de Vivienda, Balbina Herrera.

La medida beneficia a aquellos proyectos cuyos permisos de construcción se expidan antes del 31 de diciembre de 2009.

La ministra Herrera explicó que en 2005 se había puesto como fecha límite el 31 de agosto de 2007.

“El vacío legal va a desaparecer desde esa fecha hasta el momento en que se aprueba, y lo estamos haciendo porque el sector de la construcción es importante no solo para la economía nacional, sino porque el 95% de las viviendas que se construyen es para nacionales y solo el 5% para extranjeros”, dijo la ministra, quien agregó que se hizo el compromiso de cambiar el tope de los intereses preferenciales.

Walter Medrano, presidente de la Cámara Panameña de la Construcción (Capac), sostuvo que esta es una medida solicitada por su gremio y que beneficia directamente a los consumidores.

Por su parte, Iván Carlucci, presidente de la Asociación de Corredores de Bienes Raíces (Acobir), expresó que “me parece saludable que se haya declarado de bienestar público y de carácter social, y es un indicio o es un aliciente, para que el sector se siga desarrollando con dinamismo”.

Carlucci dijo que la exoneración, que beneficiará a todo tipo de compradores, le da una ventaja competitiva sobre otros países.

Se espera que se trate en la Asamblea para que entre en vigencia a corto plazo.

Los miembros de la Capac y de la Acobir le plantearon a la ministra reformar el artículo 77 de la Ley No. 45, que le da la posibilidad a los consumidores de anular unilateralmente los contratos.

La ministra dijo que “vamos a revisar el artículo, porque esto debemos conversarlo con todos los sectores”.

These are great news for anyone looking to buy real estate in Panama. If you are looking for Real Estate in Panama visit our website at: www.panama-experts.com