Panama Real Estate Blog

Side view of the new mall in Chitre.

The 1st international modern indoor Mall opened its doors to Chitre residents on February, 2011.
The large retailer, Madison was among the first to acquire a prime spot on the 1st floor, and offers everything from clothing and shoes, kitchen supplies, home decor and furniture. Since then, Chains such as Grupo Rey Supermarket, Lumicentro, Pharmacia Arrocha, McDonald’s, Kentucky Fried Chicken, and the Banesco Bank have populated the brightly colored structure. The project anticipates approximately 25,000 people per day in traffic which will consist of locals and through traffic to and from Pedasi.
With Panama City being quite saturated already, Chitre seems to be the logical choice for expansion with the increasing development of Apartments and Houses in Chitre, investment, and affluence in the region of Herrera and Los Santos, Increased commercial investment and development such as this is anticipated in Chitre and the Los Santos area for years to come.

A residential project Villas Del Sol II which is 1km from the mall began construction in 2008 and was completed in August this year (2011) by a local construction company, Immobiliria   R y R. The houses were priced from $60,000 – $120,000; the demand was so high that there was a waiting list for the remaining units and many people still go to the project looking for resale’s. Many that bought were local residents, families from Panama City and some international retirees.

There are a number of Chitre commercial real estate and residential opportunities in construction right now and we expect the prices to increase as many people are moving to the countryside to escape the hustle and bustle of the Panama City way of life.

Author: Knightsbridge Panama, Chitre

With all eyes on the Trump Ocean Club Panama, the construction crews are in full swing while we patiently await the celebrations in Punta Pacifica, the location of the 70 story, 369 bedroom luxury masterpiece.

Meanwhile Mr. Trump who has been quoted as favouring historical dwellings in the past is said to be interested in the World Heritage Site, Casco Antiguo or as it is more popularly known as Casco Viejo. While in a meeting with The Panama City Municipal Council the Trump International manager Jim Petrus said that the company may well be looking for opportunities in Casco Viejo.

San Felipe

The 16th & 17th century Spanish & French Colonial architecture is one of the reasons why many tourists fall in love with Casco Viejo.
The mix of refurbished and under construction buildings in Casco Viejo brings a sense of confidence that assures the success of such a wonderfully crafted peninsula. Today there are 4 new hotels under construction and here is a video of one of these called Hotel Central Casco Viejo.

Our latest offering is a  commercial building in Casco Viejo which is in solid structural condition and is located at the heart of Avienda A. It is the perfect location for Casco’s first entirely commercial building. With plans approved for a restaurant, gallery, office space and apartments, this is an opportunity for a savvy investor to restore this landmark building. This is by far the best investment I have seen in Casco Viejo, see it here 

Quick Fact:

Many people are also not aware that Casco was one of the locations for the latest James Bond movie “Quantum of Solace”.

Chilling in Chiriqui

The town of Puerto Armuelles, located on the western coast of Panama within the Chiriqui province provides some of the most remarkable scenery in this region. Literally a stone’s throw from the Costa Rican border, the Pacific facing locale of Puerto Armuelles overlooks the Gulf of Chiriqui providing scenery and natural beauty that is nothing short of breathtaking.

The prevailing climate of the immediate region surrounding Puerto Armuelles offers predominantly moist climatic conditions, with both low lying and highland regions, from a geographic layout perspective. The quiet country-like atmosphere is largely rooted in the regions development as an agricultural center for the country of Panama.

This has not however removed Puerto Armuelles from the popularity of real estate options and developments, with some of the latest value to be had from a solid real estate investment within this developing region of Panama.

Puerto Armuelles has enjoyed somewhat of a closer attention with the prospect of massive investment being made within the region with respect to the development of various commercial projects within and around the deep water port close by. Arguably this attention and investment spills over into the immediate community and brings new opportunity to the real estate and property investor. However that being said, one of the latest developments provides for idyllic residential homes, and is geared for those looking for a tranquil and beautiful place to call home. Residential lots in Puerto Armuelles can be scooped up at value added prices, which aren’t expected to remain at their current levels, and more so considering the increasing popularity of Panama as a whole in terms of real estate. From as little as just over $36 per sq. m. plots can be purchased within the ever popular gated residential communities that are to be developed within Puerto Armuelles. The size of available plots, within these developments start from around 1200 sq. m. with various options including full ocean front properties, that will be included in communities with comprehensive facilities and amenities within the very near future.

Within a reasonable proximity of Puerto Armuelles is the capital of Chirqui, namely the town of David, and not too far is the beautiful highland town of Boquete, nestled on the slopes of Volcan Baru, Panama’s very own volcano, albeit dormant. Boquete is one of the most well known areas in Panama, specifically amongst expats who have settled in this town and the surrounding regions. The overall infrastructure in terms of road networks, town planning and amenities far exceeds many other typical central and South American countries as the government of Panama recognizes the importance of such an infrastructure to their economy. Hence even Panama City, although being a fair distance can be easily accessed, thanks to the well maintained Pan American Highway and numerous arterial routes.

Pedasi, located within the Los Santos province of Panama, is situated right on beautiful beaches of the Pacific Ocean. And although this area has grown in popularity among tourists and property investors alike, Pedasi real estate remains very affordable and accessible. One of the key factors in creating such an attractive opportunity, as far as Pedasi real estate pricing is concerned is the low cost of living, combined with a fullyvdeveloped infrastructure within the region, as well as ongoing maintenance and initiatives to further enhance the area.

Another of the major attractions of Pedasi is the small country town ambience, where all members of the community are committed to the friendliness and well being of their surroundings. Pedasi real estate affords the investor looking for a holiday home or even the retiree seeking their place in the sun an opportunity to become part of this friendly environment, surrounded by the vast natural beauty of the tropical environment of Los Santos and Panama.

When it comes to amenities and activities for those seeking to invest in Pedasi real estate from a perspective of living there or frequenting the region on holiday, very few places offer as much as this region of Panama. With activities such as horseback riding, snorkeling and diving, surfing and of course fishing in Pedasi, the outdoor enthusiast and adventurist has plenty to discover, while the nature lover has a wide range of options to choose from; whale watching, turtle watching and of course admiring the wonderful species of birds in Panama provide countless hours of pleasure and relaxation too for any visitor or resident of Pedasi. And of course not to forget the breathtaking views of the Pacific Ocean, from cliffs along the coast provides a scenic splendor, that some will only ever dream to call home

Although the Pedasi real estate option remains within what many realtors will call bargain levels, the Pedasi real estate prices will certainly rise as more and more people become aware of the excellent benefits provided within this tropical setting. Beach developments, gated communities and additional infrastructural improvements within the immediate region signify this growth due to the ever increasing popularity of Pedasi real estate in Panama.

Your cloud computer

Dermot Doherty, a graduate of Northern Ireland’s University of Ulster and a former professional soccer player for the Irish League and former Panama real estate investor has just launched an interesting new cloud computing company called iSpaces with the help of his wife and co-founder Sunne Justice.

iSpaces is a portal to the cloud and offers a unique Web ‘browser within a browser’ called a CloudBrowser™ which means users can log in and out of iSpaces from multiple computers without having to reopen their Web applications, tabs, and online documents.

Dermot Doherty, a graduate of Northern Ireland’s University of Ulster and a former professional soccer player for the Irish League has just launched an interesting new cloud computing company called iSpaces with the help of his wife and co-founder Sunne Justice.

iSpaces is a portal to the cloud and offers a unique Web ‘browser within a browser’ called a CloudBrowser™ which means users can log in and out of iSpaces from multiple computers without having to reopen their Web applications, tabs, and online documents.

The great thing about iSpaces is that it’s free, allowing anyone in the world to have access to a personal desktop. It’s great for people on the go who don’t want to lug their laptop around and also a revolutionary new way to help narrow the digital divide by giving people in developing countries a personal desktop, even if they can’t afford to own the actual machine.

“I often work from multiple computers and was tired of wasting time logging in and out of various Web applications. I wanted to create a technology that made my digital life easily accessible and persistent. iSpaces is a whole new breed of technology, it’s part computer, part OS, part desktop and part browser. I call it a cloud computer,” said Mr. Doherty. “Welcome to the future of computing.”reat thing about iSpaces is that it’s free, allowing anyone in the world to have access to a personal desktop. It’s great for people on the go who don’t want to lug their laptop around and also a revolutionary new way to help narrow the digital divide by giving people in developing countries a personal desktop, even if they can’t afford to own the actual machine.

“I often work from multiple computers and was tired of wasting time logging in and out of various Web applications. I wanted to create a technology that made my digital life easily accessible and persistent. iSpaces is a whole new breed of technology, it’s part computer, part OS, part desktop and part browser. I call it a cloud computer,” said Mr. Doherty. “Welcome to the future of computing.”

Pearl Islands get Floating Boutique Hotel

November marks the date for the addition of a new boutique hotel to Panama’s impressive portfolio of resorts, hotels and accommodations. The hotel takes the form of a cruise ship, built in Germany and named The Sea Voyager.

The Sea Voyager, which will cruise around the Peal Islands Archipelago will offer the benefits of private yacht-like facilities and ambience, with a maximum guest capacity of 64 guests, accommodated in 33 rooms on the three deck liner.

The cruises are centered around the eco tourism aspect and potential of the region and were designed by world renowned Swiss hotelier Andre Niederhauser, who also serves as promoter to the Cuna di Vida vacation property and group. Itineraries aboard the luxury ship include swimming and horseback riding onshore by day and by night luxurious gourmet dining on board the ship. The crew of the vessel originate from the Lindblad fleet, which according to Niehauser offer superior service and standards, and hence the retention of the closely knit team on board the Sea Voyager. Cruises onboard the pioneering eco tourist destinations are available in three, four and seven day itineraries, with special launch promotions available until December 2009.

Pedasi Iguana Reserve

An area comprising of 52 hectares and located within the province of Los Santos, in Pedasi is that of Iguana Island, a wildlife refuge. The area was declared a wildlife refuge in 1981 by the Government of Panama, which serves as an area for the protection of the various species located here.

The area has been heralded by researchers as being one of the most biodiverse, offering tourism and fishing resources that are really unparalleled in the world. The coral reef which is within the protected area has been found to be 4800 years old, making it the oldest in the world, and one of the largest protected coral reefs, measuring 14 and 15 hectares within the Gulf of Panama. The reef forms the basis for the breeding grounds for many commercially fished marine species and therefore forms the very sustainable source of this commercial sector.

A wide variety of marine life species can be found in this area and include over 170 different species of fish, and a number of different crustacean and bird species, although the frigate bird population has all but taken over the island. More than 5,000 frigate birds, locally known as tijerita, which means little scissors, inhabit the island, together with all the other and diverse creatures. Of the species of fish one may catch a glimpse of the spectacular spotted eagle rays, weasel sharks or the beautiful butterfly fish.

The site has furthermore gained popularity as an archaeological site too, due to the fact that fragmented pieces of pottery have been found at the site and which date back to pre-Colombian times. Security has further been stepped up in the area according to ANAM, who look after protected areas; this is to prevent illegal activities and possible poaching endeavors in the region, whilst an education drive continues with local fisherman for the implementation of conservation and sustainable development issues.

The region is exceptionally popular amongst eco tourists and students alike, with a recorded 2500 people having visited the island up to June of 2009. The management of the region charges an entrance fee of $10 per person or $5 per student, and the island can be accessed by boat from Pedasi. The short boat ride takes about ½ an hour, and one can negotiate a suitable rate with local fisherman who can provide transport to the island. Pedasi is located in the Los Santos province and is just over 320km from Panama City.

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Pearl Islands get Floating Boutique Hotel

November marks the date for the addition of a new boutique hotel to Panama’s impressive portfolio of resorts, hotels and accommodations. The hotel takes the form of a cruise ship, built in Germany and named The Sea Voyager.

The Sea Voyager, which will cruise around the Peal Islands Archipelago will offer the benefits of private yacht-like facilities and ambience, with a maximum guest capacity of 64 guests, accommodated in 33 rooms on the three deck liner.

The cruises are centered around the eco tourism aspect and potential of the region and were designed by world renowned Swiss hotelier Andre Niederhauser, who also serves as promoter to the Cuna di Vida vacation property and group. Itineraries aboard the luxury ship include swimming and horseback riding onshore by day and by night luxurious gourmet dining on board the ship. The crew of the vessel originate from the Lindblad fleet, which according to Niehauser offer superior service and standards, and hence the retention of the closely knit team on board the Sea Voyager. Cruises onboard the pioneering eco tourist destinations are available in three, four and seven day itineraries, with special launch promotions available until December 2009.
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Building permits soar, to beat 20 year tax exemption

The number of building permits issued in June 2009 was almost four times the amount issued over the same period in 2008. According to the Comptroller General the significant increase in building permits issued, which amount to $550 million is largely due to the looming deadline of the 20 year tax exemption.

This pattern of rushing at the last minute to get the permits before the deadline has been repeated year on year for the preceding decade, with each administration extending the deadline through their respective terms, however to date no such notification has been received from the Martinelli administration.
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Why Iran is No Good for Latin America

External involvement in Iran has continued to draw criticism from various quarters, however with the recent and apparently blatant fraudulent activities around the recent elections, many of the critics are now raising an eyebrow and considering alternative viewpoints on the country of Iran.

Clashes between government forces and their own citizens, voicing concerns over alleged fraud and corruption within the recent elections has resulted in the loss of a legitimate voice within the region. The result is that once staunch supporters are now not really willing to stand up and speak in defense of the errant leadership and government of the now decidedly split political ranks of Iran.

With the lack of support from some of its supporters, Iran is now being scrutinized from the perspective of what threats can possible emanate from what has become a somewhat volatile power within the Middle East and more specifically within its nuclear program and research.

A subject that has not achieved as much media attention is that of Iran’s interest and activities within Latin America, which is not a new area of interest but has been steadily gaining for the previous 20 years. This originally culminated with the orchestrated attacks in Buenos Aires, in the 1990s against the Israeli Embassy and the Jewish Community Center. Iran, with its considerable oil wealth has established significant ties and investments within the Latin American region, which include the fact that the country is the second biggest investor within the South American county of Venezuela, by virtue of its considerable investments within the oil programs in Venezuela, as well as their provision of funding for various housing schemes within the country. This influence and investment has extended to Bolivia, within which this country has agreed to the cooperative agreement, worth over $1 billion in their oil, gas and industrial sectors. In addition to this investment within the Bolivian health sector has resulted in a number of training facilities for healthcare professionals, as well as several health clinics for the Bolivian population. Additional initiatives have extended to Ecuador and Nicaragua in various energy production developments, as well as medical services and provisions to the people of the respective nations.

This strategy, according to some speculators is typical of the extremists groups that employ a tactic of social responsibility, as displayed by their involvement with hospitals, training facilities as well as power and energy provision; which serves as a mask for their ultimate extremists goals and actions. Some might even say that this is an effort of seeking support during times of increasing alienation by Europe and the US over their nuclear program.

With the latest developments, which some term as an illegitimate leadership and government, it may well be the opportunity for some of the Latin American leaders to consider the true motives of the Iran government in their display of social investment within the region. Perhaps the initiatives implemented and agreed upon by the respective countries are not purely based upon social welfare for the Latin American people, and these funded projects may be nothing short of buying the support of these countries and her peoples.
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