Recently, the Miami Herald published a story comparing the real estate market in Panama City with the trends that have been used in Miami,For example, the Yacht Club Tower, with 59 floors designed with gym and a rooftop pool to simulate a boat floating, was explained by a real estate broker who said: “We try to emulate the style of Miami in this building. “A Miami Herald reporter described the city of Panama from the air as “a horizon on steroids” because of the many towers that seemed stakes on a fence. The article explained that many of the people who work in real estate development and construction projects in Miami, are also involved with the industry in Panama.Both cities have similar real estate market, despite being separated by 1.200 miles.”Both went through a boom in the market, too many buildings which resulted in many empty condos were built. The wealthy Latin American buyers were the salvation in the two cities where traditional market segments fell, “said the reporter Mimi Whitefield.Margarita Sanclemente a real estate broker in Miami with offices in Panama City and New York, has seen it all: bonanza, the irrational and the construction slowdown, but she has remained in the Panamanian market. She first came to Panama in 2005, when Americans were buying seduced by low property prices and low cost of living.
Apartments from 1,000 to 1,500 square meters you were attractive to retirees of Panama and the United States. ” Some buyers didn’t even see the units . We used to sell them over phone. ” That was when new buildings were priced between $98 and $120 per meter squaring . She sold 700 properties between Panama City and Playa Blanca, in the Panamanian Pacific coast during the boom .Now prices are around $280 per square foot. “Today Panama is in a similar situation to that of Miami two years ago, the market is very active but prices continue to drop.
When the US market fell in 2008 many Americans could not close the deals they had to buy properties in Panama . However , while financial problems in the United States did affect Panama in regard to sales , the banking sector remained strong . US banks were reluctant to give mortgages, while Panamanians continued to give loans for housing.”Now things are starting to emerge in the United States , as well as here . Since there is so much economic uncertainty in the United States and people are starting to feel more confident about Panama , ” said Morris Hafeitz , general manager of Emporium Developers . He used to work in Miami as a project manager for the Brazilian conglomerate Odebrecht.Before buying properties in Panama consult a specialist law firms in real estate to understand local laws.