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Panama Real Estate Properties & Investments
Pulse of the Week: * 3.6% inflation in first 3 months of 2008
* Supermarket Food prices up 15%
* Average Local Mortgage Interest rate: 3.07%
* Avg. Auto loans interests rates: 8.69%
* Unemployment Rate : 6%
* Current Hotel occupancy rate: 80%+
* Gas Prices at the Pump this week: Premium Diesel: $4.08 , Premium: $4.11, $99 to fill up my car this weekend. Watching your Wallet: * Panama Business Travel tip: Do not Rent a cel phone. Purchase a cel phone unit, they run between $49.00 -$89 depending on model of your choice. In any of the malls you will find the two main cel phone providers: Movistar and C&W Movil ; buy a 10.00 prepaid calling card, insert the minutes, normally they have promotions for doubled or tripled the minutes. You can run for a week from this Panama cel phone and receive calls from U.S. , Canada or anywhere. Anytime you come to Panama you simply re-activate by buying minutes.
* INVEST IN PANAMA Workshop with Experts: On Thursday, June 12, We will be hosting a FREE Invest in Panama Workshop with Roundtable of experts. You will be able to meet with Experts of ALL areas: Legal, Taxes, Offshore Investments, Asset Protection, Real Estate, and get first hand Special Discounts from developers. http://www.thinkpanama.com/business/articles_business/70/free-invest-in-panama-interact... * Special Explore PANAMA Land Package: $999 for TWO , Includes: 4 days / 3 nights, 5 Star Hotel, Breakfast, VIP Airport Arrival: No lines No Hassles, Airport transfers, Transportation in Panama, Investment Workshop, Property Tours, Panama Canal Locks visit & Lunch.
This Week in Panama Business: * Cost of Electricity-utilities up to $400 per megawatt as of April 2008, Up from $203 per megawatt in April 2007. Higher demand, and cost of diesel among factors.
* Tourism designated as the “Goose with the Golden egg” for 2008: Tourism grew +14.1% in 2007, and +23% growth in income generated from this sector. Canal Expansion, Construction Boom, Financial markets boom, real estate boom, and influx of tourism and foreign investment from Europe, Spain, Russia, and Turkey, fueling sustained growth in 2008.
* Panama is living what is described as a “Golden Age” , Economic growth in 2007 was 11.2%, highest in the region. Experts are projecting 4.5% in the region for 2008, While Panama is projecting 8% growth. In comparison U.S. had 2.2 in 2007, and is projected at +1.9% in 2008.
* Panama Social Security program is evaluating getting into Banks game of offering Mortgage Financing except at higher interests rates of 7 per cent for 30 years . Some Private Banks oppose this move. Is this any indication of how HOT the real estate market is? Sources say they are allocating $50 million for mortgage lending.
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Contributor's Note
This is an excerpt from the Panama weekly: Twice the Lifestyle blog posting.
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ThinkPanama.com
Panama Weekly
ThinkPanama
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This intel was contributed by Paul Wylie
Paul Wylie
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May, 2012
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