As we enter 2019, Panama’s economy and stability stand out amid the world’s turmoil.
In the United States, the stock market is plummeting and real estate prices are sliding. Europe is embroiled in Brexit and most of Latin America is consumed with political strife. In contrast, Panama begins the new year with a surging GDP, big developments in the works and a commitment to massive infrastructure projects.
The real estate market is entering a new phase, spurred by Panama consistent growth and strong fundamentals. In the year ahead, several events and news storylines will help provide sparks to the industry — both sales and rentals — and provide a barometer of progress.
Moving into the new year, these are some of the headlines that will be shaping the market and grabbing international attention.
- Panama Elects a New President. Uncertainty usually accompanies the run-up to a presidential election. Whatever the result of the May election, investors who have been waiting for an outcome will be ready to return to the game. The election will also provide more evidence of Panama’s growth as a stable democracy.
- The J.W. Marriott Era Takes Hold. The world-class hotelier took over operations of the Trump Ocean Club hotel last year. This is the year we are likely to start seeing the impact a top-notch company with international marketing prowess can have on the tower.
- Mining Operation Boosts GDP. The $6 billion Cobre Panama copper mine, one of the largest in the world, should finally start producing in 2019. The result will be an immediate impact on the country’s finances, joining the resurgent Panama Canal in fueling the economy.
- Tocumen’s New Terminal Opens. The Norman Foster-designed expansion of the Tocumen International Airport is set to open, dramatically expanding the number of flights and confirming Panama City as the “Hub of the Americas.”
- Ocean Reef Turns into a Community. More families are moving into the first phase of the island development in the Bay of Panama. As the marina develops, Ocean Reef will become an iconic project for the city, offering a waterfront lifestyle that hasn’t existed in the city.
- Infrastructure Spending. The second line of the Panama City metro should open this year, while work should start on a new bridge over the Panama Canal.
- New Developments Hit the Market. Several A-list projects in Panama City are rolling out pre-construction pricing, offering deals that won’t be available for long in these international-level projects. Pre-construction activity.
- Amador Convention Center Opens. After a string of delays, the Amador Convention Center will open, offering the largest facility in the city. Meanwhile, work will continue on the Amador cruise ship port, which helps attract more investor interest on the Causeway.
- A Move to Quality. As Panama City’s real estate market continues to mature, a new wave of projects is emphasizing quality and high-level amenities. Quality construction and top-of-the-line materials will be big selling points for developments in 2019.
- Rise of Santa Maria. This is the year the gated community around the Santa Maria Country Club takes its place as one of the premier locations in the region. Several new projects will help bring renewed energy to the project.