Why Panama, Why Now?
So lets say you have some money sitting around doing nothing (lucky you). You want to put this money to work for you. You want to compound the value of the money and maybe even start a new, exciting phase of your life. Perhaps you should start looking in to real estate investment abroad. In fact, you should look south. Panama (you may be familiar from that one Sammy Hagar song) is a small country in central America that is currently attracting expatriates from around the world.
Why? Simple. Panama is scenic, beautiful and on the up and up. In fact, according to the Global Property Guide Panama’s real estate price are growing steadily and significantly since the global downturn in 2008.
This growth has achieved double digits in certain areas, making Panama very attractive to international investment and expatriates. The reasons for this real estate uptick in Panama are many and varied, but the most major factor is straight-forward: It’s the economy. Panama’s economy has been growing steadily over the last decade. The service sector heavy economy is bolstering the middle class in Panama and increasing prosperity in the country.
According to the World Bank, between 2007 and 2012 poverty in Panama was reduced by 13.7%. The world bank notes the 2008 global economic downturn is contained in this period of time. Thanks to the strong banking, and services industry the Panamanian economy is an example of stable growth in central America–thriving while some of it’s neighbors remained stagnant. Part of this stimulation was due to $5.5 billion of renovations and improvements made on the venerable Panama Canal. The canal has been an anchor of the Panama economy since it’s 1913 opening. Revenue from the Canal was over 2 billion in 2014. The upgrades allow the canal to allow larger ships through the locks, bolstering Panamas historical position in international trade.
Panama also boasts one of the largest “free ports” in the world. A “free port” is an economic zone with relaxed tariffs, making them an especially attractive hub for global trade. The “Colon Free Zone” is the largest such port in the Americas.The economic juice squeezed from this ripe fruit of free trade spills over in to other sectors of the Panamanian economy.
Tourism is another large part of the services driven Panama economy. The welcoming weather and people ensure the stability of that particular industry. These factors, along with Panama’s historically well-run banks have economists predicting that the Panamanian economy will continue it’s current trend of stable-growth. 2016 will be another big year for Panama.
Now is an excellent time to take advantage of the strength of Panama. You will enjoy the weather, you can count on a stable economy. You will enter a new phase of life. Panama is a relatively easy place to buy and sell property, internationally speaking. The real estate market is strong, and looks to grow steadily in the near future. So, why Panama? Why now? Why not?
Evie Brooks – Panama Vacation Realty – I’ve been a real estate investor for over 23 years, both in Panama and the United States. I have also been a real estate investor-trainer and educator with the Rich Dad, Poor Dad Robert Kiyosaki organization. No matter what is drawing you to this amazing country — if you have an interest in owning real estate, retiring, investing, or becoming an expat — I can help you every step of the way!
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