TOP 10 Things Zonians LOVE about PANAMA

1. Panama Beer, .40cents a bottle and with 3% alcohol it is like bottled water.

2. Napoli Pizza - the original oven fire pizza, down 4^th of July Ave.

3. The Amador Causeway - God loves Panama also!

4. Bass Fishing at Gatun Lake- like fishing in a barrel.

5. Ocean to Ocean Cayuco Race- isn’t that how we got to school in Panama?

6. Balboa High School- 90210 in PTY

7. Warm weather- Fun in the Sun!

8. Ceviche – one of the good things made with Corvina.

9. Having a maid – for less than it costs to fill up your gas tank.

10. The Yacht Club - those were the good ol’ days!

Send us your list of things you Love about Panama info@ThinkPanama.com

Panama despite the world economic crisis has weathered the storm but Why? Our very own Douglas Choy explores this phenonemon with this timely article. Below is a brief excerpt to read the article in its entirety the article is posted in the ThinkPanama article section:

Growth projections for 2009 and 2010 Very Positive Outlook-

The World Tourism Organization rates PANAMA as one of the top performers in tourism results for 2008. Central America managed to grow by almost 8% despite global recession. The growth has a sustained for Panama with an average rate of 12% per year between 2004 – 2008, 1,609,699 visitors entered Panama in 2008, and 211,472 more tourism traffic than in 2007. The Panama Tourism Authority reported that tourism spending totaled $2.2 billion, and 23% more than in 2007, which represents 12% of Panama’s GDP of $18.6 billion last year. Hotel occupancy was at 79% average with a 9 day average stay. The projections for 2009 are 1.8 million visitors and 2 million for 2010, + 200,000 more visitors per year.

Excellent Business opportunities, the Business Center Capital of Latin America, beautiful beaches on two oceans 50 miles apart, Nature, great Caribbean weather, safe, friendly people, easy access, US dollar no exchange rates, tax incentives for investors, favorable asset protection laws, and ranked the best “guy-getaways” destination in the World by the press, is among the top reasons that Panama is so attractive for business travelers today.

Panama is next to Costa Rica, enjoys the same weather, rainforest, rich natural diversity, beaches, surf, but with a very cosmopolitan city and rich business environment. Panama is on U.S. Eastern standard time, same time as Miami, Atlanta, and New York. A direct flight from Miami is only two hours, thirty minutes, (2.5) hours. Airfares Miami International airport are as cheap as $251 - $321 on American Airlines, and Continental, depending on your booking requirements and itinerary flexibilities.

Panama has direct daily flights to & from Miami, Orlando, Ft. Lauderdale, Houston, Dallas, Washington D.C., New York, and Los Angeles, serviced by American Airlines, Delta Airlines, Spirit, Continental, COPA, as well direct flights to major cities in Latin America and Europe, serviced by KLM, and IBERIA.

PANAMA 2008 TOURISM FACTS

• PANAMA Tourism Growth since 2004 – 2008 is + 12% on avg.
• 1,609,699 tourist entered Panama in 2008.
• Panama Tourism Authority projects 2 million tourist arrivals by 2010.
• U.S. visitors lead the list of countries visiting Panama, with 308,991 visitors in 2008.
• U.S. visitors in 2008 grew by + 19.6%
• Hotel occupancy rates average: 79% occupancy rate, one of highest in the World.
• Hotel occupancy rates grew by + 12%
• Total nights sold in Panama last year: 2,522,595 hotel nights.
• Average stay is 8.9 days
• Tourism sector created a total of 129,200 jobs for Panama in 2008.
• Crimes involving tourist was at a LOW 0.04% , Panama is a very SAFE country.
• European travelers arrivals are at all time high due to direct flights increasing.

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The global recession has without doubt hit everyone,  Panama is not an exception however  the full impact of the recession has not been felt hard in Panama as of yet. During the Christmas shopping season, malls in Panama City are swarmed with thousands and thousands of people shopping; the economy felt vibrant, good times are still rolling.  A layer below what seems like a booming economy still in full force up swing of the good times  a breeze of  the coming storm can be felt as businesses begin to prepare for what could be one of the toughest years in the last decade.  The highs and booming growths in  the last 6 years have been steep and steady so now the pendulum will swing downward with this upward impulse -

The Panama real estate market is preparing for the shock of first wave of hundreds of new City condominiums units that will be coming into the market. Occupancy permits to be issued and the buyers mostly, speculators that purchased two years ago with as little as 10% down are now responsible for meeting the full impact of the remainder of their debt  on these units. The economic outlook for most of these buyers has changed; they face a different economic reality than they expected 2 years ago. Now, they do not have many options and the clock is running, their options are either to re-sell those units quickly at cost with little or no capital gains, or losing the units back to the developer for defaulting on the promise to purchase agreement.

These “distressed Sellers” - and this scenario are likely to be abundant in 2009.  This scenario will affect the economies of supply and demand mostly the City condo market will shift from what has been up to now a seller’s market with prices rising steadily in period of months to by up to 100% without rhyme or reason to a BUYERS MARKET.  This will create a price adjustment that will bring another wave of buyers seeking deals in Panama City.  This price adjustment will also allow for younger local buyers to be able to afford the price of City condos that up to now had been out of their reach and exclusively for foreign investors. This possible surplus in condo units can create a shift to lowering pricing strategies and many developers may have to re-consider their pricing strategies to compete, this may bring about the cancelling of several residential developments in the city.

This negative spin offset by several phenomenons.

• New buyers coming into the market deriving from political instability in countries like Venezuela and Ecuador, seeking shelter and a plan B in Panama.
• Companies coming into Panama to set up their global operations.
• A new wave of new-found investors coming into Panama seeking to invest in this warm tropical paradise.

Panama stands out as one of the most globalized countries in Latin America and a leader in attracting foreign investment and several key projects guaranteed to be moving forward in 2009. The Panama Canal expansion, the Howard- London Regional residential and commercial development zone, and the cinta costera road expansion, along with sustained growth in tourism, business travel, telecommunications, and other key sectors and commercial activities will serve to absorb some of the economic impact, allowing Panama to deliver a solid 3% to 4% economic growth in 2009.

I am confident that in 2009 Panama blessed with its prime location, two oceans (Pacific and Atlantic oceans), beautiful nature and landscapes, and the globalized city ideal for international business will compensate the slowdown of a few sectors, construction, real estate, transportation, and offset with small-sustained growth in others to deliver balanced growth in 2009.  Panama is still a very HOT place to invest in 2009- Now more than ever with prices going down the market conditions are favorable for finding Excellent DEALS & Great BUYS in oceanfront real estate property.  Check out PANAMA properties listings at ThinkPanama.com, search properties by lifestyle:  city condo, beaches, land, or contact me at  dchoy@ThinkPanama.com

ThinkPanama.com Participates as Part of American Chamber of Commerce Real Estate Committee

Douglas McArthur Choy director of ThinkPanama.com will be heading the Marketing & Communications sub-committee of this organization.

The AMCHAM Real Estate committee is designed to formulate and spearhead industry initiatives related to regulations, ethics, creating new marketing platforms for the Panama market, industry events, and setting new benchmarks for the ever-evolving real estate Industry of Panama.

You can see the article here in our ThinkPanama News