According to América Economía magazine, Panama's real estate boom is in danger of falling under its own weight. The almost 400 projects in gestation in Panama have as their final destination to satisfy the boom of luxury "vertical residential tourism", which seeks to extract foreigners with the capacity to pay up to more than one million dollars per condominium, according to the publication. However, the publication continues, there is something that is not right with this real estate boom: "Buyers do not appear," says Casey Halloran, a business consultant in Panama and Costa Rica.
With the economic slowdown in the United States, and the consequent reduction in credit, the announced invasion of baby boomers is on hold. "Developers may have overestimated the actual demand," says Paul McBride, president of Prima Panama, a marketing and sales company to assist U.S. and European investors and retirees looking for real estate in this country. Fortunately for Panama, bubble or not, there is a broad consensus of how advisable it is to promote a slowdown in the real estate sector throughout the country. Panama has the advantage of solid growth and obtaining capital injections from different economic activities.
