Ten New Hotels Will Be Built In Panama - 3,000 Room Increase

By Roberto Quelne for La Estrella -

According to estimates from the Panamanian Association of Hotels (APATEL) and the Panamanian Board of Tourism, between eight to ten new hotels will be constructed in Panama within the next three to five years, adding an additional 3,000 new rooms to the market. The hotel and hospitality sector is preparing to serve the growing number of tourists who are visiting Panama every year. In the first three months of 2007 (January to March), 389,258 tourists visited Panama, or 8.7% more than in the same period last year according to statistics from the Panamanian Institute of Tourism (IPAT). The numbers reflect only tourist hotels in Panama City which reflected an overall occupancy rate of 53.3% and an overall increase of 11.4% over 2006, and the numbers reflected were 65% from high-end hotels and 34% from secondary hotels. Jaime Campuzano, President of the Panama's Tourism Board, said the country should implement an advertising campaign to promote the country as soon as possible to promote tourism in Panama.

GDP Outlook 2008: Venezuela Worst, Panama Best

PANAMA BEST

.....Panama, which will likely expand its GDP by 6.8 percent next year, which is higher than any other economy in Latin America. That follows four years of solid growth, averaging 7.3 percent per year, according to our analysis.

Read the entire story here

Panama's New Urban Plan

ADVANTAGES OF THE URBAN DESIGN - Integra the Avenue existing Balboa to the road project - It has 12 tracks -5 of 1 via of going -5 of 1 via of return -2 exclusive tracks for bus in inferior level - Designed for average speed (60 Km./h) without traffic lights - the transit Increases to vehicular of 70.000 to 140.000 newspapers - mts Extends the sidewalk of the buildings in 5. - In the going tracks it includes a marginal street of 2 routes for use of taxis and access to existing streets Coastal tape Panama, Vista 1 - it does not have high ambles - it produces all the interchanges at level of the Avenue Balboa - It raises in 1 TM. the wall of the levee, to preveer increase of the tides by defrosting anticipated with global heating - the space for the parallel collector passage of lines for the cleaning of the Bay Leaves predicted - m2 Creates integrated and continuous a recreational park of 280.000, with recreational areas, paths, thematic forests and sport fields - space for 8.000 parking under ceiling Creates 3.500 public and 4.500 by concession - Intercomunica the sidewalk of the Avenue Balboa with the Park and the parking through galleries underneath the Avenue Balboa, with accesses without barriers (inclines and/or elevators) - It creates 4 commercial areas with the small premises for the complementary use of the park in the plant inferior - ciclovia of 3,5 kilometers Creates one from the Market of the Seafood to the Italy Route - a continuous sidewalk Creates from the Matasnillo to San Felipe - the exit of the Italy Route in Paitilla End Solves as opposed to with a bridge Multicentro - a enter the inner plant Eliminates the passage of the buses by the Avenue Balboa when producing for exclusive track of the public transport - It connects the North and South Runners through a circuit in streets 43 and 45, interconnecting them with the bridge of the Insipid Martín - Balboa to the Bridge of the Américas through Avenue 3 of November Connects the Avenue, and Avenue of the Martyrs - it gives to the district of San Felipe a worthy entrance Him through the Embankment - the Central Avenue with the Park through a great peatonal in Ecuador Avenue Connects - Balboa without visual obstructions Maintains all along the Panoramic Vista of the Avenue - the use of existing navy Solves allowing to maintain them and to extend them - a space of 2 hectares for a great Civic Center Creates - its own electricity (photovoltaic) for all the electrical consumption of the project Generates - Balboa Eliminates the existing layings of high tension in Avenue, when installing them under earth

ADVANTAGES IN THE CONSTRUCTIVE PART - it is possible to be constructed in 2 stages - the first stage is constructed from the sea, that consists of a parallel marine bridge to the Avenue Balboa of 3,2 kilometers to solve the road problem, without dependency with the filling and creating immediate constructive obstacles with the parallel sanitary line of the cleaning of the Bay - the second stage is constructed after finished marine bridge, that consists of the construction of the parking, parks, the commercial premises, ciclovias and Coastal tape Panama, Vista 2 exclusive tracks for bus - the second stage allows to construct the parallel sanitary line, if simultaneously outside necessary - it does not affect the operation nor the transit of the Avenue Balboa during the two constructive stages - the wall of the levee is designed like a wall wall supported in the structure of the building of parking, which makes but economic ADVANTAGES IN THE FINANCIAL PART - the project is autofinanciable through the concessions of the parking, the commercial premises and private infrastructure passages - It generates necessary bottoms for the maintenance of project - the first stage finances with the contribution of the investment of state and the valuation of the area benefitted by the project

New Towers Announced in Panama City - No Slowdown Seen

Check out these new projects...just when you might have thought things were taking a little breather.

The World Gallery-528 units-3 buildings, 50 floors -Obarrio

Exuma-90 floors-Punta Pacifica


Skyline 80 floors Costa del Este

Panama vs. Miami, part II

Continued from Part I of Know your Competition: Panama City; where Miami and Panama City are compared as candidates for the FTAA secretariat.

Parallels:

Panama City is a force to be reckoned with. Currently, there are plans to build approximately 107 residential properties (20 floors and up) valued at $3.5 billion. It is definitely Latin America’s boomtown. Two of the proposed projects are vying to be the tallest in the southern half of the hemisphere. Many of the projects are extremely impressive but I have to admit not altogether original. The Trump Ocean Club International Hotel and Tower looks like a replica of Dubai’s Burj al Arab.













The Faros del Panama development has a similar architectural concept to Riyadh’s Al Faisal Tower: the difference is that instead of a sphere at the pinnacle there is cube. In a parallel to Miami’s boom, some of the project names are the same: Platinum, Ice, Acualina, and Ocean One. Surely this was not intended but it is ironic nevertheless. Panama City, after all, has its sights set on countering Miami’s trade influence in the hemisphere.

Anatomy of a Boom

PC is booming, but it is not clear whether there has been a catalyst to this surge or if momentum has been gradually building over time. In Miami, the city was racked with hurricanes, immigration crises, riots, and political corruption during the decades preceding the current boom. Despite the many obstacles Miami faced, the city resiliently moved forward into the future. The immigration crisis subsided and led to the establishment of a Spanish-speaking foundation, which serves as the basis for Miami’s status as the Gateway to the Americas. The riots and political corruption resulted in changes in the political establishment that created more adequate representation among the minorities. This led to stability, security, and economic success. Panama City, much older than Miami, has seen destructive pirates, revolution, foreign invasion, a dictator deposed, drug cartels, and yadiyadiya! So,why then is PC booming? The answer might be simple: the Panama Canal. Duh. Certainly, long term security and aid provided by the U.S. helped. And, last, its central geographic location: where two continents meet.

Pros:
Today, many Caribbean nations rely heavily on Miami for material support and trade facilitation. Latin American nations consider the city the logical entry point into the U.S. market. However, Panama City is actively reaching out to mitigate Miami’s importance. To bolster Panama City’s hemispheric economic stance, the Panama Canal is undergoing a 5.2 billion dollar expansion that will further expand the critical waterway’s trade role during the new millennium. Tocumen International Airport, Central America’s busiest, just recently underwent major renovations and has flights to almost every major city in the hemisphere.



More Pros:
Panama City has a long history of U.S. intervention. Panama declared independence from Colombia in 1903 with American support; the main condition was that the U.S. would be the controlling interest in a new trans-oceanic canal that was to be built. Although the U.S. government has long since relinquished control of the canal, Panama remains a dollar based economy. Many Panamanians speak English. U.S. citizens compose two-thirds of all foreign visas issued. To some, the quality of life and health care system rivals that of the United States without the high cost. American expatriates feel at home there and make up a big chunk of the buyers market for PC real estate, and it sits right smack in the middle of the Western Hemisphere.














Cons:
The city has its pit falls. It is over 400 years old and still lacks a decent and modern transit system. The public buses look like they were vandalized by Rastafarian loons. Untreated sewage is still pumped out into Panama Bay. Certain poor neighborhoods on the fringes of the capital lack easy access to drinking water. The government has pledged to do more regarding the environment and public transit but the promises remain, well, promises. Familiar? Miami suffers from its own infrastructure improvement lag, but for the most part, the funding is in place and the plans for improvement, in many cases, have already begun. Miami’s public bus and monorail system eclipses what Panama City has for transit at this time—this is no compliment for Miami.



More Cons:
Panama City is also a hot bed of drug trafficking. As infamous as Miami’s drug past and present is, Panama City is at a different level. Recently, Panamanian and U.S. authorities seized a ship with a record breaking 11.5 metric tons of cocaine only to get that record broken by a 19.4 metric ton cocaine bust off of the same Panamanian coast. Much of the drugs that go through Mexico across the U.S. border, at one point or another, went through Panama first. This has resulted in heavy gang violence and involvement in the lucrative drug trade coming from nearby Peru and Colombia. The Panamanian police engage in routine anti-gang sweeps where hundreds get arrested. Drug traffickers have been known to possess machine guns and RPG’s. Panama City in many respects is susceptible to the instability that spills over from neighboring South and Central American countries. The result has been an increase in violent youth gang activity.

Last Glance
When broadly considering the facts, it still remains true that Panama is surging towards a more positive future than just about any other Central American metropolis and arguably South American too. The boom in Panama City is, by far, more speculative than the one in Miami. As much as Panama City impresses one with its English speaking population, it pales in comparison to Miami, which is considered to be the hemisphere’s foremost bilingual metropolis (with the largest presence of foreign born residents in the world). Panama City’s main airport, although recently renovated, does not compare to the massive expansion of Miami International Airport. Also, the city’s lack of a modern transit system, lack of environmental friendliness, heavy drug trafficking, substantial gang violence, and proximity to unstable neighbors, leaves it a questionable FTAA secretariat candidate compared to Miami. This is not to say that Panama City cannot get their act together in time.

Note: Panama City’s construction boom is valued at approximately $3.5 billion. This is chump change when considering Miami’s construction boom, which according to the latest City of Miami large scale development report, is valued at approximately $29 billion.
Entry Filed under:

Panama vs. Miami, part I

It is argued that Miami is the Gateway to the Americas. Many claim that there is no better place to do business with Latin America. The numerous major corporations that have set up Latin American headquarters in the city testify to this. Miami is in the international limelight. Of that, there can be little doubt. Yet, the lime light does not shine on the Magic City alone. Right now, the high level of new construction in Panama City is beginning to pull attention away from Miami; particularly with South and Central Americans. This is crucial to consider when realizing that Panama City is also vying to be home to the FTAA’s prestigious secretariat.

The FTAA, with all of its drama, confusion, bickering, and madness, seems to have drifted out of the media’s radar screen. The idea is an idealistic vision for the future of our global community: a 34 nation trade-bloc that comprises a unified democratic hemispheric federation. The Americas, however, is fractured by Socialism, Communism, poverty, civil war, drug wars, and corruption. How can the FTAA form under such erratic political and economic conditions? Entertaining this question is a matter best suited for a later post. Still, for the sake of giving our side of the globe the benefit of the doubt, let us assume that all 34 nations will eventually come to an agreement. Should this monumentally important event come to be, then where shall its official home reside? Lots of folks have different ideas. Although the idea of the FTAA was first officially announced in the 1994 Summit of the Americas in the local Biltmore hotel, Miami is not the undisputed secretariat candidate. No, some categorically oppose Miami’s candidacy; i.e.: Venezuela.

There are over a dozen cities vying for the secretariat position (in the U.S.: Atlanta and Houston to name two ), but it is no longer a pressing matter as to who gets nominations right now; considering that FTAA negotiations have stalled since 2003. Florida FTAA, a group of local business and political leaders, are aggressively promoting Miami’s bid to leaders throughout the Caribbean and Americas as well as increasing awareness about Miami’s unique economic advantages. However, since the FTAA talks have stalled, their activity has decreased and popular interest has waned. This is not to say that lobbying efforts have halted, but they are no longer as consistent and aggressive as before. Meanwhile, Panama City continues to boom—lending credibility to its economic powerhouse claim. The FTAA talks, although stalled, will undoubtedly continue. The Western Hemisphere’s best chance of mitigating the economic influence of the EU, India, and China is through the formation of the FTAA. Its formation will take time, but according to international trade experts, it’s almost inevitable. By the time matters begin to come to fruition, Panama City’s secretariat-seeking position vis-à-vis Miami, might be stronger than ever.

Panama City is a strong FTAA secretariat candidate. The Central American city is near the vital Panama Canal. In terms of geography, it is more centrally located than Miami. It has a large English-speaking population, well-established international banking institutions, and a heavy American influence. Importantly, at a time when many Latin Americans feel skeptical of U.S. interests due to weak and/or inconsistent foreign policy initiatives, they are liable to start looking to Panama City as a viable alternative to Miami. After all, if the popular perception is that the United States doesn’t care about Latin America, then why should Latin American officials nominate an American city to be home to the secretariat? Panama City poses a considerable threat to Miami in this respect. More so than any other city in the hemisphere.

Panama’s capital is seeing major construction activity. This activity is a reflection of high levels of foreign investment, a stabilization of the economy, and organization of the government. There are plans for two 1000+ ft. towers along with several other impressive skyscrapers. Many of the buildings are proposed and not yet under construction and the level of construction does not yet approach that of Miami, but many of the projects have ambitious plans and there is enough activity to earn wide respect.
With the FTAA secretariat in mind, it is BoB: Miami’s objective to focus on the strengths and weaknesses of Miami’s claim to be the most desirable secretariat candidate compared to Panama City. Panama City will be scrutinized as will Miami. BoB will present both cases and you will see how the Central American city stacks up to the United States’ southernmost metropolis.

To be continued…

Panama: The Prospect of More Business for American Manufacturers

The President has notified Congress that he intends to sign a free trade agreement (FTA) with Panama. This is good news for America's manufacturers, as the more trade agreements we have, the more markets we open for US-made goods. Exports are growing much faster than imports in part because we are opening new markets through trade deals.
Recall that in only one year after CAFTA, we went from a $1 billion trade deficit with CAFTA countries to a $1 billion trade surplus. Doesn't take a trade expert to figure out that CAFTA opened markets, helped drive exports to those countries.

Here's a link to our press release, hailing this most recent good news. You'll see our new trade policy director Doug Goudie quoted as saying that our trade with FTA countries accounts for half of our overall trade but only six percent of our trade deficit. Let's hope we have more FTA's.
UPDATE (By Carter Wood, 9:40 a.m.): Want to help the economic revival of post-Katrina New Orleans? Support the U.S.-Panama FTA, allowing U.S. manufacturers and businesses to take full advantage of the $5.5 billion Panama Canal expansion.

From Time Magazine:
The plan calls for adding a third set of locks, wide enough to serve the supersize, post-Panamax vessels--those carrying more than 5,000 20-ft.-long containers--that many consider the future of commercial-cargo shipping. The canal's Old World competitor, Egypt's Suez Canal, can already accommodate the bigger vessels. A resized Panama Canal could be a boon to U.S. ports on the Gulf and East coasts, which currently handle post-Panamax cargo directly to and from Asia only via the lengthier Suez route. Says Gary LaGrange, CEO of the Port of New Orleans: "This will be monumental for maritime trade on the Gulf Coast."

Credit Suisse on Panama, March 2007

March 16 2007

Ba1/BBThis week, the International Monetary Fund (IMF) released its Public Information Notice for theArticle IV consultations with Panama which concluded last month. The assessment was quitepositive as the Fund applauded the work the Panamanian authorities have done for their soundmacroeconomic management, which have produced an average real GDP growth of 7.2% in the2004–06 period, coupled with low levels of inflation (albeit high oil prices) and a decliningunemployment rate.

The Fund’s staff supported the governance given so far to the Panama Canalexpansion project and welcomed the safeguards and monitoring put in place to avoid thedevelopment of economic imbalances. Specifically, the IMF praised the authorities’ intention tomonitor expenditures and borrowing strategies. Regarding the all-important public-debt-to-GDPratio, which is currently around 63%, the staff suggested to the Panamanian authorities to anchortheir medium-term to long-term economic policies with a target fiscal deficit of 1% of GDP after2009. With this target and the expected high levels of economic growth rates, the debt-to-GDP ratiowill likely trend downward and become better aligned with average BB-rated credits. The Fund alsorecommended that such a criterion should be part of the Fiscal Responsibility Law currently underpreparation. In other news, Alejandro Ferrer, Panama’s Minister of Commerce, stated on Thursdaythat Panama is working towards having the free-trade agreement with the United States signed onJune of this year. Negotiations concluded last December, and currently Panamanian authorities arelobbying to get the agreement approved by the U.S. Congress. We reiterate our underperformrecommendation on Panama based on valuations. (CR/FU/EM)
Credit Suisse

Fatal Attraction-Building and Infrastructure

Panama, Sunday 25 of March of 2007

Panama will attract thousands of Latin investors in the next years.The metamorphosis of the city the real estate development raises a new urgent challenge of urban ordering for the authorities. For the next years it will have to invest about 2 billion dollars in improvements to the infrastructure. Víctor D. Torres vdagoberto@prensa.com

All species of the planet have a special relation with its immediate habitat. From the evolution of the cities, the human beings have identified themselves with their metropolitan surroundings, developing a complex symbiosis in which the city molds its inhabitants as much as they themselves change the large city. A booming real estate sector, Panama faces the challenges simultaneously to improve the territorial ordering that it looks for to solve the deficient road infrastructure and of basic services.

"We must define the city of the future towards year 2019 and that we cannot obtain it if there is no consensus between all the sectors", Juan Carlos Navarro, mayor of the district of Panama, during the forum "Panama 500" that was celebrated last week. But pretensions of country to turn city cosmopolitan as the emergent large cities of Singapur or Dubai are threatened the measurement that continues the rate of disordered growth, with streets in badly shape, a chaotic and obsolete massive transport. "We must take advantage of the experiences other countries and to make of Panama a city with much development, ordered for people", said the minister of House (MIVI) Balbina Herrera.

Boom without precedent In the last years, the real estate impact in Panama has been accelerated. In 2006, the construction registered the highest growth of any economic segment of the internal sector, raising 17,4% 665,7 million dollars. According to the Panamanian Association of Brokers and Promoters of Real estate, the real estate investment went off 25% to 2 thousand 775 million dollars. "the real estate development does not have precedents and the foreign and local investment will continue growing in the next years", assured architect Ignacio Mallol, who does not share the opinion of which the city has grown in disorder. "All my life have constructed with an urban planning of the Ministry of House". But all do not agree. Alliance Pro City was founded on 2006 indeed to express the citizen frustrations by the excesses of the construction. "quality of life with the dangerous saturation of our cities is destroyed", wrote one of its founders, architect Rodrigo Mejía-Andrión.

At least 100 buildings of more than 20 floors are programmed to be constructed in the next years in different points from the city and some already they are in execution, according to the company Prima Panama. Almost 11 thousand apartments will be available, mainly in Balboa Ave., Costa del Este and Punta Pacifica. The hundreds of projects of residential houses are added that are constructed in beach and mountain areas.

Fatal Attraction
The political problems in Venezuela, Colombia, Peru and Ecuador continue favoring immigration towards Panama. In next the four years it is hoped that thousands of Latin American buy more properties in the country, added to thousands of baby boomers of approximately 80 million that will look for second residences in the region. The migratory restrictions imposed by the United States for foreigners also have overturned the glance towards the country, fortified with the regional connections of hub of the Américas de Copa Airlines.

Poor infrastructure But, according to the MIVI, in the next years at least 2 billion dollars will be needed to renovate the systems of sewage system, potable water and electricity. "the State is not removing the greater benefit from the investment", said Raisa Banfield, member of Alliance Pro City. "it is leaving investors use as the existing infrastructure that was designed and planned in the ´50s". Banfield indicates the changes allowed in the zonifications, the gift of the land capital gain and the lack of reinvestment of the gain of the proprietors in infrastructure improvements.

Jaime Salas, municipal engineer of the district of Panama, thinks that it is the best moment to solve the infrastructure problem, which are backdated. There are samples of what the govt have been doing. The projects of cleaning of the bay of Panama, the coastal tape, the urban transport, the Panama-Colon highway and the systems of potable water conduction, are passages in the correct direction.

Panama is Paradise for Retirees

Panama is paradise for retirees

Cheap real estate, a low cost of living, fabulous scenery and relaxed pace should put this gem at the top of the list for Americans on a fixed income.

Panama is one of the best places in the world for retirees today, combining a low cost of living, near-perfect weather and one of the world's best discount programs for retirees, with up to 50% off everything from public transport to movies, mortgage rates, doctor's visits, electricity, restaurants and airfares.

When you compare Panama with its neighbors, you'll see that it has more amenities than traditional retirement spots such as Mexico and Costa Rica, with lower costs and crime rates. In Panama, you'll encounter less red tape and less interference from local authorities.
To encourage long-term foreign investment, Panama requires no special authorizations, permits or prior registration for foreign investors. The Investment Stability Law, passed in 1998, protects foreign investors from any change in tax, customs, municipal and labor rules for a period of 10 years after an investment is registered. Major companies doing business in Panama include Federal Express, DHL, Sears, Price Costco, BellSouth, Kansas City Southern Railways, Continental and American Airlines, Warranty Company of the Americas and Hutchison Whampoa. Plus, you'll find just about every American franchise you can imagine on the streets of Panama City.

And there are other incentives for foreigners to spend time here, invest here … or retire here. For example:
Newcomers who buy or build a new house won't owe any property taxes for 20 years.
Residents pay no taxes on foreign-earned income.
Tourism investments have 20-year exemptions from import duties, fees for construction materials and equipment, and income, real estate and other taxes.
The U.S. dollar is legal tender in Panama, which insulates its economy from global shocks. During the Asian monetary crisis of 1998, Panama became one of the healthiest economies in Latin America.

Panama's pensionado program Once you become a resident "pensioner" of Panama under the Tourist Pensionado Visa, you are eligible for the most appealing program of benefits for retirees available anywhere in the world right now.
Now, you may be thinking: "Pensioner? Retiree? That leaves me out."
Not necessarily. The rules for becoming a "pensioner" and qualifying for this visa program in Panama are probably not what you'd expect.
In fact, anyone over the age of 18 may apply and can qualify as a pensionado in Panama. All you need is a guaranteed pension income of $500 per month ($600 for a couple). It must be a pension from a government agency (e.g. Social Security, disability, armed forces, etc.) or a defined-benefit pension from a private company. Sorry, but an immediate, fixed annuity doesn't qualify.

As a qualified pensioner in Panama, you would be entitled to:
50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events, etc.)
30% off bus, boat, and train fares
25% off airline tickets
50% off hotel stays Monday through Thursday, 30% off Friday through Sunday
25% off restaurant meals
15% off at fast-food restaurants
15% off hospital bills (if no insurance applies)
10% off prescription medicines
20% off doctors' consultations
15% off dental and eye exams
20% off professional and technical services
50% off closing costs for home loans and more

Crossroads of the Americas Panama is also perhaps the most accessible retirement haven for Americans.

There is a frequent nonstop service to Panama City's Tocumen International Airport. It's a 2½-hour flight from Miami on American Airlines and COPA, Panama's national airline, which also flies from Los Angeles and Orlando, Fla. Continental flies from Houston, and Delta flies from Atlanta. Aeroperlas and Mapiex Aero are two domestic carriers that offer daily flights throughout Panama.

Beware, however, that as accessible as Panama is to the U.S., it's still a foreign country. There are certain cultural differences that you can either accept and embrace . . . or try to ignore and become miserable and frustrated.

Time moves at a more leisurely pace in Panama. A one-hour wait might mean two, and a simple meal out with friends can turn into dancing "tipico" at a local disco until five in the morning. It takes a certain disposition not to lose your cool when, for example -- and this happened to a friend living in Panama City -- the computer repair man phones to say he is estoy llegando (on his way over to your house), only to arrive two days later without explanation . . . but ready to work.

Cost of living Panama has one of the lowest costs of living in all Central and South America:

A U.S.-style home can be built for about $40 per square foot; unskilled labor costs $6.40 per day; a full-time live-in maid costs $120 to $160 a month; a beer at a bar costs 35 cents; a cup of coffee, 30 cents; a haircut and shave can cost as little as $2; an afternoon at a beauty salon is $8; electricity is about 10 cents per kilowatt-hour; water bills are $18 per year; telephone service costs roughly $30 a month; Internet access is $14 a month; wireless is available for a bit more; cellular-telephone service costs about $30 a month plus a per-minute charge of around 22 cents; and cable TV will cost you about $30 a month.

As a foreign resident, if you buy or build a new house, you won't pay property taxes for 20 years, nor will you pay taxes on foreign-earned income. Personal income tax is based on a sliding scale from a minimum of 4% to a maximum of 30%. A Value Added Tax of 5% to 10% is charged on most products and services. Transfer taxes on real estate are paid by the seller, and there is no inheritance tax or gift tax.
Mountains, beaches or the big city? The three best places to buy real estate in Panama are: the mountains of Boquete, the beaches of the Pearl Islands, and the First World metropolis of Panama City.

Boquete: Boquete sits in Panama's mountainous Chiriqui region at an elevation of about 3,500 feet. It's quiet, unspoiled, uncrowded. Mountains, rivers, waterfalls. Lush green hills and great masses of red and purple flowers. This is coffee country, and in harvest season the Indians come down from the hills to find work. The men call and sing to each other as they pick. Their children run through the fields and play in the streams.
The climate in Boquete is ideal, spring like year-round with reasonable daytime temperatures, cool breezes, and chilly nights. Beachfront living is nice, but the mountains of Boquete are hard to beat. If you like Colorado, you'll love Boquete. Three-bedroom custom-built houses start at $138,000 and ocean-view lots are under $30,000.

Pearl Islands: If you're searching for sand and sun, Panama has that in abundance.
The island of Contadora, the seventh biggest of the 90 named islands in the Pearl Islands archipelago, is in the Bay of Panama, just off the coast of Panama City.
This is the stuff of travel-magazine cover photos: turquoise waters, 13 white-sand beaches, secluded coves, bright red and yellow fishing boats, swaying palm and cashew trees, giant coral reefs, coconuts, mangoes, parrots, hummingbirds, pelicans, sea turtles and bright tropical flowers . . . with occasional sightings of gray and orca whales just off the island's shores.
Today the island is a closely guarded secret playground for wealthy and famous political leaders, writers, entertainers and businessmen -- not just from Panama but from all over the world.
Renovated beachfront villas start at $160,000.

Panama City: Panama City is probably the least expensive place in the world to live in a First World city. Here you'll find world-class restaurants, every imaginable luxury, hundreds of multinational businesses . . . all at about half the price you'd pay in Miami, or any other U.S. city for that matter.

Furnished studios start at less than $60,000, beachfront condos from $77,000. A two-bedroom, 1,300-square-foot apartment in the banking district in a building with a pool and gym costs around $150,000. A two-bedroom apartment with views of the bay and maid's quarters costs $160,000 (and rents for $1,100 per month).

By Kathleen Peddicord, International Living

Top 5 overlooked luxury vacation destinations of 2007

According to the gourmet-related travel site foodvacation.com, the most overlooked luxury vacation destinations are:

1. Canada’s Atlantic provinces (including Nova Scotia, P.E.I., and New Brunswick)


2. Bordeaux, France


3. Granada, Spain


4. San Sebastian, Spain


5. Bocas del Toro, an archipelago of Caribbean isles in Panama

The list considers factors such as the location’s scenic beauty, availability of luxury-level accommodations and gastronomic-style dining, and general ability to offer an extremely high-quality vacation experience. It is based on proprietary research and editorial staff travel during 2006.

Bookmark this post on: del.icio.us - Digg it - Furl - Yahoo! MyWeb - thank you! Filed under: Regions, Central America, Panama, Europe, Western Europe, France, Spain, North America, Canada

Panama's native Indians may hold the secret to good health

Cocoa ingredient 'rivals penicillin' By Roger Highfield

Last Updated: 2:19am GMT 12/03/2007

The health benefits of one ingredient of cocoa are so striking that it "may rival penicillin and anaesthesia in terms of importance to public health".
The ingredient - epicatechin - can reduce the risk from diseases such as stroke and heart failure, Norman Hollenberg, professor of medicine at Harvard Medical School, told the journal Chemistry & Industry.
Prof Hollenberg has spent years studying the benefits of cocoa drinking on the Kuna people on the San Blas islands off the coast of Panama. They drink up to 40 cups of cocoa a week. Among the Kuna, he found that the risk of stroke, heart failure, cancer and diabetes was reduced to less than 10 per cent.
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"Epicatechin could potentially get rid of four of the five most common diseases in the western world," Prof Hollenberg told the journal.
The cocoa that the Kuna drink is homemade and very rich in chemicals called -flavanols, notably epicatechin, which is known to have cardio-vascular benefits.
Flavanols are removed from commercial cocoas because they tend to have a bitter taste.

Check out The

ABC Video on The Retirement Boom hitting Panama's real Estate Market!

Newsweek International Blurb on Panama

Newsweek International
Updated: 7:03 p.m. ET March 10, 2007

March 19, 2007 issue - The capital of Panama may be best known for its canal, but there's plenty more to see, from its Spanish colonial heritage to its sleek modern skyscrapers.

STROLL through theCasco Viejo neighborhood of colonial buildings, cobblestone streets and 18th-century churches. Visit the dungeons at the Plaza de Francia, once used by the Spanish and later the Colombians, now a French jazz café.
EAT at Manolo Caracol, where local art brightens the walls and the Spanish chef serves grilled local fish and roasted vegetables (Avenida Central and Calle 3 Oeste, Casco Viejo).
GAZE at the cargo ships passing through the canal from the open-air restaurant at Miraflores Locks. Visit the four-story multimedia museum charting the history of the canal (pancanal.com).
SHOP for handmade baskets and locally embroidered dresses at the Artisans' National Market in Panamá Vieja.

February Trip Photos

Here's the link to the scenic photos from Last month's trip.

http://www.ptyinvestments.com/febtrip

US Firm White & Case bags Panama Canal Development

US giant White & Case has bagged a lead role advising the Republic of Panama on the redevelopment of the Howard Air Force Base next to the Panama Canal.

The $700m (£357m) project covers 2,750 acres of land and is expected to create around 20,000 jobs. The scheme, known as the Howard Project, will redevelop a 1.7 mile airstrip built by the US but largely abandoned since its forces left the country eight years ago.
Leading UK developer London & Regional Properties has secured initial rights to build a new ‘mini city’ on the banks of the Panama Canal.
The project is expected to be ratified by the Government of Panama in a matter of weeks.
The team at White & Case was led by Miami real estate partner William Walker.
Walker commented: “About 60% of the trade in and out of the US passes through the Panama Canal. When you combine thousands of new homes, hotels, a science park and a golf course, with the proximity to the world’s busiest trade canal, you can see why the global investment community is taking note of this project.”The flagship project will also spark a race among UK advisers to secure the coveted lead counsel role to London & Regional. Herbert Smith, a regular adviser to the developer, has been cited as a leading candidate, although the firm declined to comment.

A Booming Panama City - Wall Street Journal

Good times are expected to keep rolling: The country's famous canal is about to get a multibillion-dollar makeover, and a chunk of its down-and-out colonial city center is getting a facelift.

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PANAMA: Tax Deferred Investing in Panama

PANAMA: Tax Deferred Investing in Panama

Baby Boomers Move to New Places to Kick-Start Their Lives- ABC NEWS

Baby Boomers Move to New Places to Kick-Start Their Lives
From Beach Houses to Mountain Towns, Americans Find New Beginning

March 5, 2007 — - As American baby boomers grow older, many are considering moves and asking themselves where they should go. The answer? Anywhere.
"There are very few times in your life when you can move. … And this is one of them," said Sara Davidson, author of "Leap! What Will We Do With the Rest of Our Lives?"
"When you suddenly have no children in school, you may not have a job and you are free to think, 'Where would I really go just for me?'"
Davidson left her life in Los Angeles to replant herself in Boulder, Colo.
"I was sitting by myself in my house with no work, no kids, nothing on my calendar and I thought. … 'Maybe it's time to move,'" she said.
Joe Urby and his wife went to a convention in Panama to explore their options.
Relocation conventions are often held in Panama City, Panama, to instruct foreigners on how they can take advantage of the latest hot spot, where Americans can enjoy a sun-filled life at an affordable price.
"I personally don't want to work until I'm 65 or 70 years old," Urby said. "I'd rather work to be 50 years old and reinvent myself in a different type of business or enterprise in a Latin American country and only need half as much income to live off of."
Another trend is co-housing developments like one in Ann Arbor, Mich. The idea behind co-housing is to create a community -- residents own their own homes but share common gardens, dining halls and parking areas.
"The great thing about this time in your life is that you are not stuck," Davidson said. "So if it doesn't work out. … You go somewhere else."
What Areas Are Popular Today?
There are three hot places to relocate right now, according to Wall Street Journal editor Wendy Bounds.
San Juan, Puerto Rico, is a U.S. territory with an average home price between $250,000 to $300,000. While the property taxes are less than in the United States, the benefits -- like Medicare -- are the same.
Like San Juan, the coastal town of Beaufort, S.C., has homes priced on average between $200,000 and $300,000. The area has a small-town feel with ice cream shops, libraries and theaters, and it's located right on the beach.
The average home price in Loveland, Colo., known for having some of the best skiing and snowboarding in that state, is just $195,000. The city is surrounded by mountain views, and downtown Loveland has tons of restaurants and art galleries.
Bounds said it's important for people to consider what their taxes will be in any new city, as well as what kind of expenses, such as medical care, they may need before making the move.
Copyright © 2007 ABC News Internet Ventures

PANAMA PANORAMA - NEW YORK POST

BENEATH THE TOWERS OF THE CAPITAL LIES A HISTORIC NABE THAT'S GROWING BY LEAPS AND BOUNDS, DAVID APPELL

March 6, 2007 -- DON'T know about you, but when I think "stunning colonial architecture," Central America doesn't even crack the five that come to mind. And Panama? Isn't that the place with the big canal, some rainforests, and skyscrapers? Yep.
Everybody's talking about Manuel Noriega getting out of the slammer, the expansion of the canal, and don't forget the $220 million "Ocean Club" complex The Donald's planning to plop amid the Hong Kong-esque skyline down here by 2009.
But what grabbed me more than any of that on a recent visit is something that's not on many radar screens, but sure will be soon.
On a promontory jutting out 100 acres into the Pacific, Panama City's 17th-century Casco Viejo or Casco Antiguo (old quarter, also known as San Felipe) is as ravishing as any colonial cityscape in the Americas - gracious, glorious shades of Old San Juan, Old Havana and Colombia's Cartagena. El presidente presides along these red-brick streets in a handsome white manse, and the minister of tourism, salsa legend Ruben Blades, lives several blocks away.
The elegant National Theater is here, as are several handsome churches (including the Iglesia San José with its eye-popping gold altar) and great museums covering religious art and the history of the country and canal. And you can stroll on the waterfront promenade and buy a colorful cloth mola from Kuna Indians straight from the pages of National Geographic.
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