Panama continues to be one of the hottest, if not the hottest, real estate market in Latin America. Despite the cancellation of high-profile projects like the Ice Tower and the Palacio de la Bahía, which were competing to be the highest tower in Latin America, the sector is still going full speed ahead on other projects.
"Clearly the real estate market has changed the last year," says Paul McBride, CEO of Prima Panama, a leading consultancy and company promoting real estate projects in the country. In addition to the U.S. slowdown affecting sales in Panama, many Panamanians are increasingly heading north to Florida to buy property to take advantage of falling prices in the United States, he says.
But McBride remains optimistic about Panama as a real estate investment. "The lower taxes, the U.S. dollar, the great climate - all those things remain in place," he says. "Were very high on the medium- and long-term."
Latin Business Chronicleasked McBride and other leading experts to single out the hottest properties in Panama.