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A “growing presence of international buyers” makes Panama the top choice in the Caribbean these days for U.S. real estate investors, according to a U.S. based consulting firm.

All the factors are in place for continued growth in the country’s property sector, says Wire Consulting, an independent company that works with international property investors.

Buyers from “all over the world are making their way” to Panama,” the firm says in a recent report. Property prices have risen 9 percent since 2017, with the average price hitting $197 a square foot, according to the firm. Those numbers are hard to substantiate and most newer projects are priced far above that average price these days, but the firm’s perspective is legitimate. PPR data shows similar increases in recent years, as the economy continues to grow and more international conglomerates expand their operations in Panama City.

The foundation of Panama City’s real estate market is strong, powered by Panama’s expanding economy, including the opening of the region’s largest copper mining operation and the continued focus on local infrastructure. The GDP per capita has doubled in the last decade, Wire notes.

Beyond the economy, Panama has a healthy regulatory environment that has added new layers of security of investors, Wire says.

“A cut in property taxes and an improved mortgage financing system will only continue to heighten demand and Net Foreign Direct Investment.” Wire said.

Wire chose Panama over the Dominican Republic and Costa Rica as its top choice Caribbean property investment from the U.S.