Important Events of 2013 That Will Shape the New Year in Panama
As a consultant for real estate investment, it’s imperative I keep my thumb held tightly upon the pulse of Panama. After all, what happens here on a national level has everything to do with the movement of the real estate market, including both my investments and my clients’. This has been an exciting year for Panama, the events of which are setting the stage for an even greater 2014. I look forward to watching the New Year kick off with an advantageous platform on which Panama will continue to grow. Panama Canal Expansion Nears Completion
Panama’s revered Canal is celebrating its 100th birthday in 2014- and the ongoing $5.25 billion dollar expansion may well be considered its present. The expansion, which made epic strides in 2013, is considered one of the greatest feats of engineering taking place in the world today. Although scheduled for completion in early 2015, anticipation for the consequential real estate boom will have a significant impact on Panama’s economy in 2014.
New International Airport for the Gold Coast
The Rio Hato International Airport was inaugurated this year, and us here at the beach are already on cloud nine. Located near the heart of Pacific-based resorts and residential developments, the airport equals conveniences for anyone visiting, living, or investing in the beach. The newfound ability to avoid the hodgepodge of Panama City means Pacific-based tourism and investment are sure to grow in 2014.
Renovated Airports and New International Flights
With over $200 million dollars invested in the country’s airport sector in 2013, connectivity in Panama has never looked brighter. Besides thoroughly modern makeovers for Tocumen International and an airport near Pedasi, travelers are now able to take direct flights to Panama from more places than ever before- including several European countries and more U.S airports. 2014 will be a good year for tourism indeed.
Subway System in Panama City
Panama’s subway system has made gigantic strides in 2013, with several successful test runs and a construction completion rate of over 90%. Scheduled to open in early 2014, the subway will serve to alleviate much of the traffic congestion in Panama City. It will be Central America’s first subway system, placing Panama once again ahead of the regional curve.
Royal Palm Beachfront Development Pre-Sale Commences
Royal Palm is the newest addition to Empresas Bern’s iconic family of luxury condominiums. Occupying an absolute beachfront position in Playa Gorgona, the double-tiered development is the first of its kind in Panama. With uniquely designed floorplans and a vast array of resort-style amenities and services, Royal Palm is designed with the investor and vacation homeowner in mind. Pre-sale prices on units are available for a limited time- visit www.LizLarroquette.com/royal-palm for more information.
World Economic Forum Crowns Panama
The 2012-2013 Competitiveness Report defines Panama as having the most competitive economy in Central America, and the second most competitive in Latin America (after Chile.) Panama also received prominent world rankings in categories such as Strong Financial Markets, Soundness of Banks, Port Infrastructure and Air Transport Facilities. Such high rankings for Panama are sure to capture further attention on the international market.
More Added to Friendly Nations Visa
This year, more countries were added to Panama’s famous Friendly Nations Visa, bringing the total amount to 48. The visa allows fast-track residency processes to those hailing from places deemed “friendly” to Panama. It has been a monumental success, encouraging many foreigners to relocate to and/or invest in Panama- the number of which is expected to continue growing in 2014.
More Beach Security for the Gold Coast
With Pacific-based tourism and property investment expected to really take off in 2014, the government has implemented heightened security measures on the beach. The most notable measures have been taken in Coronado and Gorgona, where police stations have increased training, personnel, police presence, and resources. The security measures aim to bring peace of mind to those looking to live, visit, or invest in the beach.
New Schools in Panama
Four new institutions have opened in Panama in 2013, namely the Panama Pacifico Academy, Boquete International School, The Boston School, and the King’s College British School of Panama. These are in addition to the nation’s already impressive selection of private schools, all of which provide top quality education for students. As new schools continue to be added to the repertoire, Panama fortifies its reputation as a great place to raise a family.
PlayaCommunity.com Launches Print Edition
Having spent the last 6 years establishing itself as the Gold Coast’s go-to source for news, events, and resources, this year PlayaCommunity.com launched its monthly newspaper. While some places grow more concerned with the digital sphere these days, PlayaCommunity sought to give tourists and beach dwellers a way to keep in touch that doesn’t require a computer screen. With a strong distribution along the Gold Coast, giving businesses an extended reach, we will see Panama’s Pacific beach neighborhoods becoming a thriving suburb.
StopOver Program Beckons Travelers For a Pit Stop
Another tourism boost was introduced through the StopOver Program, in which those taking a trip that connects in Panama City via either Copa or United Airlines are permitted a free stopover in Panama. This new program annuls the once-required $100 luggage and connection fees. The program was introduced to make Panama more immediately accessible to those already traveling through the continent, particularly those on hunt for offshore real estate.
Overall, 2013 has brought about many changes that will have a positive and lasting impact in the New Year. 2014, already forecasted to feature some major milestones of its own, is sure to follow suit.
To stay up to date on the ongoings of Panama in the New Year, feel free to visit and subscribe to my blog at www.LizLarroquette.com. You can also find me on facebook at Facebook.com/LizLarroquette, email me at LizL@empresasbern.com, or give me a good old-fashioned phone call at (507) 6981-1717.
