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Yet another analyst has named Panama as one of the top spots in the world for real estate investment.

CBS MoneyWatch writer Ilyce R. Glink lists Panama with Istanbul, Turkey; Algarve, Portugal; and Abruzzo, Italy among the top 10 global destinations for real estate investors, retirees and adventurous buyers looking internationally for “options that offer a better bang for their buck” than the U.S.

Glink singles out the beach areas north of Panama City, which “gives you a good chance of gaining appreciation and rental income.” But she also notes that Panama City is an attractive hub for the expats and international buyers, with “stable” prices.

“The area has grown a great deal in the last decade and is a thriving, modern and vibrant city,” she correctly notes.

There are a lot of these types of lists and many are based on little more than one person’s opinion. But this offers a bit more credibility. But this one makes a bit more of an effort to justify its conclusions.

“In culling the list, the firm considered many factors, including market events, currency fluctuations and tourism,” Glink writes.

Some of the selections are questionable. Belize rates two spots, which seems overly generous. Belize may be popular with some second home buyers, but there has been little appreciation in property values over the years. And it’s a tough rental market.

The list also includes Granada, Nicaragua, which I would argue is a very tough spot to make money long-term in a real estate investment.

Other destinations on the list include Puerto Vallarta, Mexico and Samaná Peninsula in the Dominican Republic.

The full list can be found here:

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean