2015 Kickoff: What’s Going On in Panama This Year?

It’s 2015! Happy New Year! If you have ever considered taking that first step toward your dream of owning a property in Panama, this should be the year. There are numerous reasons that the day has arrived, but let’s just look at a few:

> Panama’s GDP: While the rest of the world reels from falling oil prices ($50/barrel—really?) and volatile markets, Panama enjoys the fastest growing Gross Domestic Product (GDP) in the hemisphere with the International Monetary Fund (IMF) projecting that Panama’s growth in 2015 and 2016 will continue at more than 9%.

> Panama Property vs. USA: Residential properties in Panama rose by 10% in both 2013 and 2014 while Baby Boomers in the United States lost $1 trillion in home values since the economic downturn.

> Zillow Says: Home sales are rebounding in both the US and Canada and now is the time to consider selling, as real estate giant, Zillow, forecasts Millennials are ready to buy and home sales are increasing.

> Infrastructure Growth: Panama’s booming economy, bolstered by vast infrastructure projects including the 2015 Panama Canal completion, the construction of Line Two of the metro rail system, the upgrade of the Port of Colon and the tourism boom (up 83%), is enjoying unprecedented growth.

> New Projects: Upscale properties are being rapidly built along the Pacific Coast in Panama, but there are only a few locations available in the heart of the Gold Coast such as Royal Palm and Punta Vela. These expat-friendly projects are minutes from amenities like 24-hour grocery stores, fine and local dining, and world-class English-speaking medical care.

> Smart Move: There are 76.4 million US Baby Boomers and 32 million similarly aged Canadians poised to take that first step toward retirement whether buying to rent as they ease out of a career or to move permanently abroad to enjoy the US dollar-based economy and a luxury lifestyle.

Learn more about what opportunities exist, how much money it really takes, if you should consider renting, what it means to be a Pensionado and part of what has been termed as “the world’s best retirement program”, how much Spanish you really need to know and what is involved in making your dream a reality.

I don’t have all the answers, but after a decade of living and raising a family in Panama along with helping hundreds of foreigners relocate (particularly those form the US and Canada), I can help you get started on your dream.