Panama Aims to Become a Top Destination for Real Estate Investment
Panama’s President, Laurentino Cortizo Cohen, expressed a keen desire for international visitors to explore Panama and discover its vast potential as a prime real estate investment location. He emphasized the attractive opportunities the country offers during the release of the Panama Report on real estate.
Panama City is positioning itself as a competitive real estate investment hub compared to more saturated and expensive cities like Miami. Highlighting its strategic location, comparatively lower costs, safety, and political stability, Panama City offers a compelling alternative for investors. According to a study by IGRPanama, while cities like Miami, New York, London, and Dubai see per square meter costs soaring as high as $15,000 to $42,000, Panama City offers a much more affordable rate at $4,000 per square meter.
Philip Spiegelman, president of IGRPanama, shared insights with EFE about the underappreciated real estate potential in Panama. He described Panama as an “equivalent product, beautifully designed, beautifully located, a tropical paradise with a dollar-based economy, stable politics, the Canal, and many other advantages.” He stressed that Panama, often overshadowed by its Canal revenues, has not been promoted adequately as a “solid investment” destination with potential annual dividends on luxury properties ranging between 6% and 8%.
Spiegelman, who was among the early visionaries to recognize Miami’s potential 40 years ago, now sees Panama as an “oasis of opportunities” in the Western Hemisphere. He is confident that once investors experience what many others have, they will choose to live, invest, and perhaps even relocate to Panama.
Adding to Panama’s appeal as a global business hub, Spiegelman mentioned that multinational companies, including about 190 Fortune 500 companies, have established operations in Panama, using it as a regional hub. He highlighted Copa Airlines, Latin America’s largest airline headquartered in Panama, which benefits from the country’s modernized and expanded international airport, enhancing its global connectivity.
Spiegelman’s goal is to open Panama’s market to the world, appealing to potential buyers and investors, whether they seek full-time relocation, short-term investment opportunities, or a second home. He believes Panama has much to offer and that its story needs to be told more broadly.
For more detailed insights into Panama’s real estate investment opportunities, you can read the full article on El Economista: [“Panama quiere posicionarse como destino de inversión inmobiliaria”](https://www.eleconomista.net/actualidad/Panama-quiere-posicionarse-como-destino-de-inversion-inmobiliaria-20240305-0013.html).