News

The new government of President Juan Carlos Varela is continuing its stated plan to focus resources on infrastructure projects in Panama.

The new five-year strategic plan released this week, Pres. Varela has designated almost one third of the $19.5 billion budget to infrastructure, sending a signal that investment will continue in the foundation of the country’s growth.

For Punta Pacifica, this is good news, as Panama City takes its place as one of the world’s great cities and Punta Pacifica continues to cater to international luxury clientele. Now is the time to focus on the basic structure of the city, including roads and transportation, and it’s encouraging to see the administration paying attention to the issues, as well as the big investment in tourism and residential development on Amador Causeway.

Already, we’ve seen money flowing into several projects important to Punta Pacifica, including roads that will improve traffic flow around the area.

The new strategic plan calls for $6.73 billion in spending on infrastructure projects, including continued expansion of the year-old Panama City metro, construction of a fourth bridge over the Panama Canal and a new mass transit system in the Panama Oeste region, according to published reports.

With Panama’s economy expected to grow at a steady rate in the next few years, it is clear investment in the city is going to continue to expand, which should help spur even more activity in sales and rentals in Punta Pacifica.

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.