100 days into the term of president Juan Carlos Varela, the real estate market is finding many reasons to applaud the new administration.
STR Global reported this week that hotels across the Americas region recorded positive results in the three key performance metrics.
Real estate prices shot up to over $8,400/acre, an increase of 400 percent.
Grand Tower, the latest major project to be delivered in Punta Pacifica, has finally been issued its occupancy permit. The developer of the 55-story tower has started to notify owners to prepare for closings, which are expected to begin in December.
Driving over the Panama Canal on the Bridge of Americas, it's easy to find Panama Pacifico, the six-year-old master-planned development on the west side of the canal. The 3,450-acre project is one of the largest and most ambitious developments in the region.
The increasing cost of healthcare in first-world countries has made medical tourism a thriving industry. Instead of traveling for sea views or mountain hiking, tourists are traveling for medical treatment.
The Ritz-Carlton Hotel Company plans to expand its Reserve hotel collection with a resort on Pearl Island, located 45 miles south of Panama City. The Ritz-Carlton is part of the second phase of a luxury real estate and leisure island development on the 3,500-acre Pearl Island.
Traffic within Panama City's urban core, west of Via Brazil and north of Balboa Avenue, has been absolute chaos for the last two years. Residents have had to deal with gaping holes where massive cranes and underground crews have been working.
The vacancy rate in Panama City's office market reached 29.8 percent during the first half of the year.
Trump Ocean Club Panama is about to become the first Panama City project to offer a beach club on a private island. Both residents and guests of Trump Ocean Club will be able to take day trips to the beach club on Viveros Island.
Two years after the Trump Ocean Club hotel opened in Panama City, work has restarted on plans to build the largest casino in the region. The Trump casino could be open as early as February, but is more likely to debut later in 2014.
The real estate market in Panama has reached a new level of luxury and exclusiveness. This small country with the ever growing skyline reminiscent of Miami now boasts Latin America's first man-made islands, the Ocean Reef development.
Carroll Organization and NorthStar Realty Finance Corp have purchased a portfolio of four U.S. multifamily properties for $102.5 million. This is the ninth purchase in 2013 for Carroll Organization, one of the country's leading private real estate companies.
The developer of the Trump Ocean Club in Panama City, the tallest building in Central America, has filed for Chapter 11 bankruptcy protection in New York as it attempts to restructure $220 million in bond payments.