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Latin America Investment News on Viva Tropical

High Demand for Beach Living in Panama Brings Top Dollar

Article Summary:

Demand for luxury properties in Panamanian coastal areas has grown and it is not unusual to end up paying top dollar for these prestige locations. The luxury residences are mainly found on the banks of the Panama Pacific, from the Capira district, continuing through the area of ​​Coronado, San Carlos, and Farallon in Cocle, as well as the Azuero Peninsula and extend far into the interior province of Chiriqui.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

The Dubai of Tropic

Coastal areas in Panama are saved proportions-tropical Dubai: A luxury tourist destination increasingly sought by travelers and locals.

The demand for luxury has grown so much that it is no longer surprising to find that for a second property, usually on the beach, people come to pay up to 800 dollars per square meter.

Before a select group of local investing in beach houses, but with the arrival of more tourists to the country and the double-digit economic growth is experienced, demand for luxury properties has grown and the promoters did not hesitate to offer property for sale beach exceeding quarter of a million dollars.

Depending on the added values ​​of real estate development, the proximity to the beach and how good that is listed in the area, residential projects under construction or recently opened up homes with a value of up to three million dollars.

In Panama, these luxury residences are mainly wagered on the banks of the Panama Pacific. Started from Capira district, continuing through the area of ​​Coronado, San Carlos and Farallon in Cocle.

Similarly ambitious projects are raised in the Azuero Peninsula and extend to the province of Chiriqui, as the resort’s Barqueta.

The Caribbean is not far behind and in regions like Colon are built constructions of this type, including San Marino community.

THE OFFERS
In an internet search of beach projects in Panama, you can find dozens of homes for sale. His first owners exploit the momentum of the market to sell $ 2.5 million.

Projects in Gorgona, Coronado, Ocean View, Rio Mar, Bijao, Santa Clara and Azuero, among other places in the Pacific, this luxury segment offer ranging from $ 500,000 to 3 million.

A beachfront home in Mar Vista development reaches a value of 2 million 495 thousand U.S. dollars, while the resort Bijao can find a $ 856,000 property.

In Buenaventura, a beachfront home can cost up to three million dollars.

The prices of these projects have also shot because, according to the concept, it takes time to make the golf courses and all kinds of infrastructure.

Representatives have segmented market these real estate deals on beaches and within the parameters of “demand and luxury” homes or apartments are from the $ 90,000 that fall in the range of condohotel.

Continue those projects between 300,000 and $ 600,000, and finally those for buyers with “special needs and very specific” from $ 700,000 up.

According to experts in the business, 25% of the supply of beach is part of the luxury market, where it is estimated that there are 80 beach projects across the country.

THE AMENITIES
Factors such as location, architectural designs (building materials first), privacy and amenities such as including hotels, restaurants, golf course, equestrian club, shopping centers and recreation areas make these projects achieve high prices.

“The size of the land and housing, finishes, landscaping, increased labor and material costs” are elements involved in these properties are so expensive, says Ana Maria Church, VP of Sales and Marketing Buenaventura currently undertaking projects up Oceanlake Golf Club Villas and Estates.

The first who bought these products were mostly foreigners from the United States and Canada, seeking a place to retire.

However, at present it is considered that the number of leads Panamanians purchase and a major percentage, as noted a sector source.

MARKET ANALYSIS
A study by the International Marketing Consultant (CIC) estimates that in Panama there are seven megaprojects like Altos de Maria, Coronado, Vista Mar, Bijao, Decameron, Playa Blanca and Buenaventura.

Furthermore, as is developing another large residential complex called Playa Dorada, Resume, Resume.

This consultant identifies at least 10 large field projects, located across from the American road and without access to the beach, which are deployed along Capira districts and Chame.

Also, about 25 projects have beaches-not-located beachfront in Gorgona, Coronado, Punta Barco, Costa Esmeralda, Lagomar and San Carlos.

Meanwhile, about 23 waterfront projects in these same areas are identified by the CIC in their study, comprising up the province of Cocle.

DEVELOPMENT
Ivan Carlucci, president of the Panamanian Association of Brokers and Real Estate, said that there are customers willing to pay for luxury and comfort. ”

In his view must find a formula for this real estate segment, as others being developed, continue to grow through better tourism promotion.

In this sense, calls for better infrastructure in the countryside, as airport terminals to improve connectivity and make it easier to transport the residents of those areas.

Link to Original Article:

From Prensa

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