Panama Real Estate Boom Not Slowing Down
The Republic of Panama is continuing a rapid growth that feeds the real estate boom.
Panama City, Panama (Bluehost/PRWEB ) December 7, 2007 -- Panama Hot Real Estate, a property investment company based in Panama, announced that there is no basis for the speculations about a possible real estate bubble burst. Panama GDP growth meets expectations and continues to grow.
"Panama's economy will have the best performance of any country in Latin America in 2007 and in 2008," said Fidel Ponce, Director of Panama Hot Real Estate, commenting on statements from a Latin Business Chronicle analysis of new forecasts from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). "ECLAC predicts Panama's GDP should grow by 8.5 percent this year and another 7.5 percent next year. Panama is outperforming all other countries in Latin America."
Panama has awarded its first contracts for the $5.2 billion expansion of the Panama Canal that is expected to create many new jobs and bring additional investments, including in real estate. Panama has experienced a rise in property values because of increasing popularity as a retirement destination. Panama maintains this position due to its political stability, stable banking laws, warm climate, one of the lowest crime rates in Latin America and relatively low cost of living.
Economic growth in Panama is supported by growth in the tourism sector. Panama Institute of Tourism predicts that by 2010 Panama will have more than 2 million tourists per year, surpassing Costa Rica.
"Panama is the fastest-growing tourism market in Latin America, measured by arrival growth, according to a Latin Business Chronicle analysis based on World Tourism Organisation data. Panama posted the strongest growth in tourist arrivals in 2006, over 20 percent," commented Ponce.
About Panama Hot Real Estate
Panama Hot Real Estate provides exclusive property listings and real estate services in Panama. More info: http://www.panamahotrealestate.com