Panama Real Estate

Modernity, class and vision are the three words that best describe Panama real estate. This can be evidenced in the construction of the numerous high rise buildings that are being erected in various parts of Panama City, particularly in elite areas such as Punta Pacifica and Costa del Este. This form of Panama real estate is taking place in rapidly growing upscale neighborhoods that have become the new retirement homes for pensioners from the world over.

Panama real estate is giving a new definition to retirement and happy living, as many of the Panama real estate residences offer luxury, first class and affordable living in one package. These million dollar Panama real estate projects have popped up in the midst of the ecotourism real estate ventures in Panama such as the rehabilitation of colonial and classical homes in the more historical parts of Panama, like Casco Viejo, where the Panamanian Government has given several incentives to retirees and foreign investors wishing to acquire these Panama real estate properties. Some of the Panama real estate projects that are underway, with some newly begun or soon to be complete include The Trump Ocean Club, Vita Tower, Titanium, Star and Central Tower, to name a few. A brief description of the features of three of these Panama real estate is given as follows.

Star Bay is currently under construction which began in January 2008 and is expected to be complete in 2011. Star Bay has spectacular views of Panama City and the Pacific Ocean and will be a commercial building with 8 office spaces for different Panama company, including a 5 star hotel, lounge, piano bar, boutiques, restaurant, business center, casino and spa. This Panama real estate will be located on Avenida Balboa in downtown Panama City.

The Titanium Tower is a residential building with apartment suites, triplexes and duplexes, each of which will feature 3 bedrooms, maid’s quarters and a terrace. The general amenities of the building include a green area, pool deck, security, Jacuzzi, swimming pool, gym and social areas for children and adults. Construction of the Titanium Tower began in December 2006 and should be finished in 2010. The Titanium Tower is located in Costa del Este, which is a modern and quickly expanding family residential area. Persons acquiring this Panama real estate will be exempted from property taxes for a 5 to 20 year period.

The Trump Ocean Club is a 65 storey tower that will feature a business center, gym, sauna, swimming pool, Jacuzzi, gourmet plaza, restaurant, boutiques and shops, wellness spa, casino, sauna, hotel condominium, social areas and a 6 star hotel. The Trump Ocean Club is located in Punta Pacifica and is ideally located near the John Hopkins – affiliated Punta Pacifica Hospital, the Tocumen International Airport and the Business District. This Panama real estate facility is expected to be complete in 2009. Other luxury Panama real estate projects are the YOO by Starck, which will feature a ball room, business center, squash court, yoga center, swimming pool, sun deck, maid services and gardens, The Lighthouse Residences, construction of which should begin in November 2008 and be complete in 2010, Serenity at the Bay, Pearl at the Sea, Le Mare and Joy Tower.

This new wave of infrastructural development in Panama is surely set out to establish new trends for the region, creating a shift from the traditional lifestyle of the Americas to that of an elitist society comprised of a mixture of businessmen, investors and retirees – possibly breaking down the distinction between rich and poor because of the relatively low cost of living in Panama or promoting the formation of a new society and class within Panama and the region. This is unknown.

However, the beauty of Panama real estate resides in the fact that Panama has such abundant natural resources and amidst progress has still been successful in preserving its rain forests and agricultural base through the production of coffee. Panama’s coffee has been named the best in the world and this has boosted the positive image of real estate in Panama since this is proof of Panama’s fertile soil and potential for continued growth. And this of course, is at the reach of millions of people throughout the world through the Panama real estate industry.