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In 2023, Panama's real estate sector promises to lead the market in Latin America thanks to several factors
The country has first-world infrastructure, stability, economic growth and friendly fiscal policy, and Panama’s real estate sector seems to benefit the most. In addition, Panama has air connections with major cities in the United States, Europe and South America. Added to this is a pleasant climate and spectacular beaches.
The headquarters of large multinationals
Panama’s high standard of living, low taxes and strategic geographic location make it a favorite location for major multinational companies. Companies such as Cemex, Procter & Gamble, Hyundai, Halliburton have offices in Panama.
Panama's real estate sector
Financial and political stability has been key to the urban boom that Panama has experienced in the last decade. A quick tour of Panama City reveals its enormous skyscrapers. Many of these buildings serve as headquarters for major international corporations, banks and law firms. In other parts of the city, luxury penthouses have been built, home to the rich and famous from Colombia, Brazil, Peru, Argentina and Venezuela.
While the Latin American region remains in turmoil, with political instability and corruption, there is no shortage of people who prefer to invest in Panama’s real estate sector and settle in the country. The fact that Panama uses the US dollar as its currency is also an attractive element. This takes out of the equation the fear of a devaluation of the local currency, as has happened in Argentina and Venezuela, for example.
Attractiveness of the hotel sector
The number of tourists in Panama continues to rise. One of the most attractive places is the Casco Antiguo, with more than 400 years of history. This place has become the center of Panamanian gastronomy. Nightclubs, boutiques, luxury hotels and famous restaurants abound. Nearby are emblematic places, such as the Presidential Palace and the National Theater.
On the outskirts of the city is the peculiar Museum of Diversity, a striking construction designed by the famous architect Frank Gehry. Fifty miles southeast of the nation’s capital is Contadora Island. This place has become home to the wealthiest families in the country and also hosts important businessmen and celebrities from Latin America and the United States.
Another very attractive place is Bocas del Toro, which has positioned itself as one of the international real estate markets that could grow the most in the next five years.
Panama Canal
Panama’s economic boom goes hand in hand with the use of the Canal. This site is responsible for two-thirds of the world’s trade. Hundreds of ships pass through the Canal every day, including huge supermax tankers.
