Panama seeks to position itself as a real estate investment destination

The city of Panama seeks to position itself as a destination real estate investment compared to other more saturated cities with high prices such as Miamiby highlighting its location, comparatively lower costs, its security or political stability, as highlighted by the Panama Report on the sector that was presented on Tuesday in the Panamanian capital.

Thus, compared to amounts of $15,000 per square meter in Miami, $40,000 in New York, $42,000 in London or $25,000 in Dubai, the square meter in Panama City stands at $4,000, according to with a study by the real estate company IGRPanama, which prepared the report.

The president of IGRPanama, Philip Spiegelman, explained to EFE that one of his objectives is to publicize the possibilities that Panama offers in the real estate sector and that are not known abroad, despite the fact that comparatively the price of real estate is lower than some of the main cities in the world.

“It is an equivalent product, beautifully designed, beautifully located, a tropical paradise, an economy based on the dollar, with a stable policy, the Canal and many other reasons”Spiegelman said.

Oasis of opportunities

Furthermore, he clarified that this ““story is not told” because Panama obtains very high income from the Canal and forgot to promote the country as “solid investment”, with possible annual dividends on luxury properties between 6% and the 8%.

For the real estate specialist, who said he had been “one of the first to recognize the potential of Miami” 40 years ago and who now claims to have the same vision for Panama, the Central American country is an “oasis (of opportunities) in the Western Hemisphere.”

The Panamanian president himself, Laurentino Cortizo Cohen, stated at the beginning of the report that his wish is that the people “visit Panama” so that they realize the possibilities of the country.

“I am convinced that, once they experience what so many other people have experienced, they will want to live here, invest here and make Panama their home”he assured.

Multinational investors

According to Spiegelman, there are multinationals and “probably about 190 companies from the Fortune 500 list,” which includes the 500 largest American companies with capital open to any investor according to their sales volume, that are already established in Panama as a ‘hub’ or center. of operations for the region.

“It is an important hub that connects everyone,” remarked the specialist, who highlighted that Copa Airlines, the largest airline in Latin America, is based in Panama, which, added to the modernization and expansion of its international airport, means that international connections from this country will multiply.

“My goal, in short, is to open this Panama market to the world, to those potential buyers and investors, whether they are relocating full-time, short-term investors or want a second home (…) I think Panama “It really offers a lot and it is necessary to tell its story,” he sentenced.