Panama Real Estate Blog

Known as Panama for short, is located on the Isthmus connecting North and South America. The country has developed from a Spanish colony, to a member of the Gran Colombia to a stand alone republic. Panama gained independence from Spain in 1821 and from Colombia in 1903.

The official language in Panama is Spanish, but English is a fairly common second language, whilst the native inhabitants of Panama have their own distinctive languages. It is a country of rich cultural heritage and diverse native and settled peoples, ranging from the native Kuna, Embrera, Wounaan, and Guaymi natives to the Mezistos to the various expatriates residing within this country. The country has a long illustrious history from the days of pirates and explorers to being the holder of one of the most important locations of the modern world, namely the Panama Canal.

The country is a multiparty republic, regulated by a single legislative house and headed by a President, assisted by Vice Presidents. Estimated population is just below 3,5 million and their official currency is the Balboa (PAB) and the United States Dollar (USD). Panama is located between Costa Rica and Colombia, to the West and East respectively, and is split up into 9 official provinces, as well as 3 politically autonomous comarcas, which are self-governing territories occupied by the indigenous natives of Panama.

The Panamanian economy is primarily service based, with specific emphasis on banking, tourism, trading and commerce – with the IMF predicting that Panama will be the fastest growing economy in 2009, after being 2nd in 2008 to Peru. The Colon Free Trade Zone has helped boost cost efficiency, competitiveness and trade with the western hemisphere.

As a tourist and residential destination, Panama has great variety and beauty to offer any visitor as well as resident. The differing regions and altitudes within Panama have the variety to cater for everyone’s taste, with the low lying tropical climates of the coastal plains to the higher mountain like climates, in Chiriqui province. Actual temperatures in Panama vary according to location and have an average annual temperature at each of the coasts of 29oC, with temperatures ranging from 10o to 19oC at the various mountain elevations.

There really is something for everyone in Panama, from the dazzling carnivals in Panama City, to the Portobelo and the Azuero Peninsula. There is the tranquility of the mountainous regions around the inactive Volcan Baru and the paradise of the white palm lined beaches of the Caribbean coast line and accompanying San Blas Archipelago. On the Pacific Ocean side, the country offers superior game fishing, snorkeling and scuba diving in the Indo-Pacific currents off Coiba Island, offering a spectacular array of tropical fish and colorful coral colonies. With the surfing venues of Santa Catalina and the Rain forests of the Darien Province, there are numerous national parks for nature lovers, encompassing both land and marine reserves. From international business, to nature viewing, to adventure water sports; the diverse natural and economic landscape of Panama offers diversity and opportunity across the board.

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