Promoters of the recently completed Expovivienda in Panama, one of the biggest Panama housing shows, reported more than $70 million in sales in the first two days, in the latest sign that real estate activity is surging again.
The Expovivenda is one several large property shows in Panama City, but it is one of the most well-established. The four-day event attracted more than 40,000 people and 200 exhibitors representing more than 15,000 homes, according to the promoters. The show announced a target of $150 million in sales during the show.
Of course, it is easy to take these numbers with a large grain of salt. Trade shows always announce blustery numbers, which may not always match the reality of the market. And you never know when the sales actually occurred or if they will ever be completed.
But the gaudy numbers aside, the show demonstrated that Panama is once again an active, vibrant real estate market. Many markets around the world remain stalled in the wake of the global recession, with few new projects and little sales activity.
But that’s not the case in Panama City. Look at the Amador Causeway, one of the most spectacular stretches in the city, where there has been a surge of investment and new development in the last two years, including a new convention center and the opening of the Frank Gehry-designed Biomuseum.
At Punta Pacifica Realty, we are certainly seeing this increase in activity. There has been a strong shift in the market in the last year, as Panama’s economy surges and international interest grows in Panama City property.
More on the latest trends in Punta Pacifica real estate 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.