Boom in the real estate market is what Panama is currently experiencing and the figures prove it. As of July 2007, the construction of nearly 380 properties, 40,000 condominiums and apartments had been announced. However, until just a year ago, 11,000 residential units were built. "Panama, as a result of the expansion of the canal and the collateral activities that this means, has a very solid economic future that is reflected in the real estate sector," explained Sergio Pintos, director of the international department of International Sales Group (ISG), a firm specialized in the commercialization of luxury projects. Likewise, he said that the Trump Ocean Club project has been a resounding success in terms of high-rise buildings in Latin America.
According to experts, the success of this market is due to foreign investors looking for what Miami offered a while ago: climate, comfortable urban life and affordable prices.
According to Sergio Pintos, the price per square foot in exclusive buildings in Miami is between $700 and $2,000, depending on the project and the area. While in Panama, luxury projects are for US$200 and US$300 square foot.
