A visit to Panama started on an early morning, one hour flight from San José, Costa Rica. I had been in Panama some years ago on a quick visit, but this time, just about to land in Panama City, my eyes where caught by the incredible quantity of ultra modern high rise buildings all over the coastline of the Panama Bay. Cranes and more cranes one after the other, were a clear sign that something singular was happening down there.

This revolution is not happening by chance… First of all, the Panama Canal is now in the hands of the Panamanians, thus injecting healthy capital into the country´ s economy. Around 13,000 ships transit the Canal each year, hauling an estimated four- percent of the world's goods around the globe. Secondly, Panama is characterized by its banking conveniences and strong financial services sector, and it has become a favorite destination for investment and living. Panama is at the top of the list of the countries with best access to capital, ranking in Latin American only after Chile and Brazil. Panama had also previously been ranked amongst the world’s freest economies. Year 2006 was the beginning of many years of growth for this country of the Central American region, market by the affluence of direct foreign investment in the financial and tourism industry, at high scale.

The flight from Miami airport is only two hours and the United States dollar has been their currency for decades, providing a low devaluation rate of only -2% in 40 years. Foreign investors have the same rights as Panamanians. There are no restrictions of ownership of private property and Panama offers a large variety of benefits to foreign investors. More details about this here:
http://www.panamabusinessservices.com/visas/immigrant_visas.htm

I was personally impressed with the incredible quantity of high rise buildings presently under construction along the Panama Bay. Luxury ocean-front condos with first class amenities and extraordinary architectural design, provide not only a high standard of living that combines elegance with comfort, but also offers the blend of rich cultures from all over the world, allowing for great social opportunities, since most of those condos are sold to foreigners. Excellent infrastructure, up-to-date freeways, new housing projects, restaurants and modern shopping centers with the best brands of the world at great prices, are some of the reasons why many foreigners have chosen Panama as their second home.

As the Regional Director of Who is Who in Luxury Real Estate, I visited Panama to interview representatives of some of the most important real estate firms of the country for consideration of membership into our international network. Membership in Who is Who in Luxury Real Estate is by invitation only and our members represent the best of the best in the luxury real estate industry around the world. With Costa Rica leading the way for eco-luxury developments and Panamá leading the way to ultra modern high-rise living and the highest standards in financial services, I left Panama very confident that the Central American region is at the doors of a revolution in the luxury real industry of Latin America.

By: Yalile Alpizar, Regional Director for Central America – Who is Who in Luxury Real Estate