Panama Property to Benefit from Sustained Growth
Overseas Property News - Panama
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The Panama government has just extended its tax-exemption law for retirees, which were due to expire next year. Panama is currently the foremost destination for American retirees, and the Panama government is, understandably keen to ensure this continues. Panama is regarded as being the American version of what popular parts of Spain -- i.e. the Costas -- are to Britons.
In other words Panama is an incredibly popular tourism destination with Americans, and increasingly, those from around the world, not least those in search of bargain cosmetic surgery. This means, that, given the size of America's population compared to that of Britain; the potential profit to be made from Panama property in the coming years is absolutely huge.
Rental yields on prime Panama property are already huge, holiday apartments are readily fetching yields of not less than 10%, and even up to 18% is possible on the smaller units in the best areas.
Speaking of smaller units in the best areas; studio apartments on DSR's Bala Beach development are currently available from £43,000. The Bala Beach development consists of 850 units covering some 20 acres of gorgeous Panama coastline. 1 and 2 bedroom apartments are also available.
Panama exploded onto the international property investment scene when the canal expansion plan was announced in 2005. The Panama Canal is central to the Panama economy, as is the Colon Free Trade Zone. The Canal has gone over its capacity, and over the capacity given by previous minor expansion attempts, and has become too small for many of today's larger ships.
The major expansion, due to be completed in 2014, will not only double its capacity, but triple or even quadruple its revenues, as it allows bigger ships and more cargo to pass through it.
Panama's economic growth is already strong, and the completion of the Canal expansion will give Panama's economy a new lease of life, and will likely turn it into one of the largest economies in South America, if not the world.
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