Why come to Panama? Why live here? Why buy real estate in Panama?
The Comptroller General of Panama has just released employment figures for the first three months of the year. Retail employment dropped five percent in March compared to a year ago. Also the percent of the work force seeking jobs rose from 4.8 percent in March 2008 to 4.9 percent this year. On the other hand the percent of the labor force that is unemployed dropped from 6.4 percent in March of 2008 to 6.3 percent in March of this year. If you are looking for a bright spot in the global recession Panama is it.
If you are looking for a place to travel, live, invest, or buy real estate, Panama is the place. While major world economies have shrunk in the last couple of years Panama has merely slowed a little. Panama's current annualized gross domestic product growth is 3 percent. The construction sector is still busy and, because of fewer North American buyers, there are some fantastic bargains in the high end of the Panama real estate market.
Because of slightly slower growth there has been some reshuffling of the employment market as shown by the 0.5 percent drop in the retail sector. On the other hand employment is up in Panama. Those folks did not lose jobs. They moved to different jobs!
There compelling evidence from tax figures that the middle and upper middle class is making more money. In fact, if one is interested in investment in commercial real estate to lease the small business community of Panama is doing well and needs retail, office, warehouse, and manufacturing space. Interesting there are no rent controls in Panama on commercial property so as the economy reheats to its "pre recession" 10 percent a year you will be able to charge the market rate for your property.
It is expected that with the completion on the Panama Canal Expansion in five years along with the recession lifting that Panama Canal traffic may double. This will create jobs directly and add to the national coffers as the canal pays $1 per ton of cargo to the government. In addition it will provide the conditions for expansion of cargo handling facilities, reshipping out of the Colon Free Zone, and development of light assembly along the old canal zone.
Panama is busy negotiating new free trade pacts with Canada, Costa Rica, the Dominican Republic, Singapore, and, once politics get out of the way, the United States. Panama plans to diversity its import and export picture and to diversify its economy. This will significantly drive the Panama economy and Panama real estate value.
Now is the time to invest in Panama, both for business and for residential property. If you are traveling to Panama consider one of the free real estate tours by local realtor AB Panama real estate and investigate why so many have come to Panama to retire and come to Panama to work.
AB Panama real estate, headquartered and registered in Panama will be happy to assist you with the purchase of a home in Panama or in mapping out a strategy for a targeted commercial real estate investment.
real estate in Panama is the pen name for Jim Walker who writes for AB Panama real estate in Panama , City Panama. Jim writes about local news as it relates to real estate in Panama.
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