One day a couple of year’s ago, we woke up with a vision. Most people thought we were crazy, betting everything on something as intangible as exporting the “Panama” brand so that it would produce fruit, not just for those who would invest in the country, but also for the country itself. We made a start with our first appearance at the Salón Inmobiliario in Madrid. At that time, only seven companies believed that beyond our borders there was a whole world waiting to be explored and conquered for the benefit of the country’s economy. We received many skeptical looks as they waited for us to return with news of the outcome. One year later 60 companies will participate in this same event, promoting the “Panama” brand.

Thanks to these and many other international efforts, which have been undertaken over the past 2 years, Panama is now established as a target for investors, retirees and baby boomers from all over the world. It comes as no surprise that the cost per square meter in the city has experienced a breathtaking increase in less than one year. Property that had been selling for US$850/M2 is now going for around US$1200/M2 with the more sophisticated properties reaching prices between US$3000 and US$4000/M2 .

Speaking personally, and looking towards the medium term, we see ourselves as the emerging Hong Kong of the Americas. This may sound an exaggeration, but why? We have so many of the attractions that Hong Kong itself has. A strategic location on the world map, a strong currency like the dollar, peace and security in a country that is democratic, two oceans washing our shores, natural beauty wherever you look, good telecommunications and transport access, an airport that is planned to become the Hub of the Americas and a Free Zone that has traditionally produced a lot of revenue for the economy in general. If you add to this a canal which is the obvious route for many ships and which, thanks to the addition of a third set of locks, will also allow post-Panamax ships to pass through, there is no denying that something big is happening in this small country.

Our track record in construction is growing by the month with the new apartment blocks, beach projects and country estates that are going up all the time. In the capital not six months go by without a new project springing up, each one boasting that it is higher than the last. Skyscrapers with 80, 90 and even 100 stories have introduced Panama to the elite ranks of cities that host mega projects. It will be no surprise to see that in less than 4 years, Panama’s skyline will undergo a radical transformation. The Donald Trump Tower, the Ice Tower, El Palacio de la Bahia, Los Faros de Panama, Arts, Rivage, Q Tower, Destiny, Vitri and many others are all competing to attract occupants for their first class apartments, offices, hotels and boutiques with all sorts of really interesting value added features. The statistics reveal that more than 160 construction projects have been approved in the metropolitan area alone. Bearing in mind that the last census revealed the capital city’s population at around the 700,000 mark, these numbers indicate something of a revolution for the city. The areas of Punta Pacifica and Costa del Este are leading the way with 42% of the projects under construction already pre-sold.

Panama’s interior is also experiencing a boom in development, whether we are talking about the coast, the mountains or the islands. Significant numbers of projects are competing to attract those who enjoy a quieter and more restful lifestyle outside the city, offering additional facilities such as golf courses, tennis courts, equestrian clubs and sea or mountain views. Boquete, a small town in the highlands of Chiriqui province used to represent the pinnacle of this market and was the place where what is now a nationwide phenomenon all began. Projects such as Valle Escondido, Cielo Paraiso, Hacienda Los Molinos, Palo Alto Mountain Club, Nüare Boquete, Boquete Country Club, Montaña de la Caldera, Altos del Maria (Sora) and others are recognized for their size and layout in Panama’s most temperate areas. Along the Pacific Coast examples of
developments that years ago saw the future coming stand shoulder to shoulder, developments such as Coronado es Vida, Las Lagartijas, Costa Blanca, Vista Mar, Playa Blanca, Buenaventura and Azueros. Many others like Coronado Bay, Coronado Country Club Resort, Playa Bonita, Bijao, Malibu Beach and Resort are beginning to make an impact on this competition to offer the best of the best.

The 11,550 visas issued by the Immigration Department last year is another indicator of the interest that Panama has awakened overseas. Many people are asking how far this boom will go. It would take a bold person to make such a forecast, but it looks as if we are witnessing just the beginning of an avalanche, created by a series of factors which are coming together at this moment in time: North Americans are getting tired of their country’s high tax regime and many do not agree with the country’s political direction. Others are looking for a less stressful and more accessible life in a tropical country so they can escape the long winters. Canadians and Europeans have a similar set of expectations and investors from South America are looking for a country with democratic values that will allow them to live in peace and harmony. It therefore looks as if the boom will last for some years more and the likely return on investments made now will make them attractive propositions for purchasers.

So let’s see whether, in a few more years, we really have grown to the extent that we could be