Panama Real Estate and Investment News

Panama Apartment prices a bit lower

2009-06-27T09:28:00.001-07:00

INTERESTING ARTICLE IN TODAY'S LA PRENSA POINTS TO LOWER APARTMENT PRICES IN PANAMA BUT ITS NOT AS SIMPLE AS IT MAY SEEM INITIALLY IT WILL REQUIRE SOME WORK TO GET A GOOD DEAL, SEE ARTICLE BELOW AS PUBLISHED IN LA PRENSA TODAY.

Real Estate

Signs point to lower apartment prices

la prensa

Deals may be had on high-end apartments, but developers aren't saying so publicly.

There are signs that real estate prices in Panama are starting to decrease in some areas, but finding a deal may take some legwork.

"I would not say that prices have fallen, but there has been a decrease in the amount of customers," said Wilson Ruiz, vice president of the Panamanian Association of Brokers and Real Estate Developers.

The fall in demand has prompted deals to be made, but Wilson said that in many cases, developers have offered other perks, such as cruises, instead of lowering the price.

The Chamber of Commerce, Industries and Agriculture of Panama reported that the price per square meter in two of Panama City's most expensive areas, Avenida Balboa and San Francisco, dropped 20 percent and 15 percent respectively from 2008 to 2009.

Chamber official Manuel Ferreira said the information is based on data provided by real estate companies.

"The developers are willing to negotiate with clients depending on the size of the purchase, financing, and if the buyer has other strengths," Ferreira said.

La Prensa consulted the promoters of 12 building projects, whose residences are priced from $120,000 to $300,000, and found that only one has openly dropped its price, while four others said the price was open to negotiation.

Pine Hills in Albrook was selling units in April for $295,800, while the current price is $275,800. According to Procasa, the developer, the price drop was done to boost sales.

Apartments in the residential tower Quartier, in San Francisco, were being sold for $132,500, and the developer said that the lowest price it has accepted is $130,000 from a client who offered to put a 50 percent downpayment on the unit.

"They have made price adjustments, but is not radical," said Raúl Machado, director of May House, a company that provides property valuations. "There's an oversupply, but it is in apartments of more than $200,000."

Osvaldo Lau, a real estate consultant, remarked that "the developers are willing to lower the price, but are not saying so publicly."

Deforestation and Reforestation in Panama

2009-06-19T19:55:00.001-07:00

With the global warming pandemic on everyone's mind, it is no surprise that everyone is turning to the worlds primary rainforest for help or answers. With the recent release of the Planet Earth movie by the BBC and the Home Project Movie by Yann Arthus - Bertrand which you can watch free on youtube or visit their website http://www.home-2009.com
and with many website popping up around the world increasing awareness to our current global environmental crisis such as http://www.goodplanet.org/en/ no wonder everyone is becoming increasingly concerned with our all so sensitive mother earth. Obviously the Amazon Region is what some call the "lung" of Planet Earth and with its ever increasing deforestation due to increasing developments no wonder so many concerned citizens and scientist alike are turning to other primary rainforests like Costa Rica or Panama. CNN recently carried an interesting story in one of their fabulous Planet in Peril's edition on the Rainforest Clash in Panama which covers some of the problems we are all experiencing today in underdeveloped countries which are gifted with having such wonderful and diverse primary rainforest. though the U.N. Food and Agriculture organization states that the rural workers migration toward cities may alleviate the amount of deforestation, it is still an increasing problem and concern for many. The U.N. also states that

"At least 25 percent of the area is being deforested, putting the rich biodiversity in jeopardy, the group said. Across the region, the United Nations says tropical rainforest land is still being lost at an alarming pace.

More than 7 million hectares of forests were destroyed globally each year between 2000 and 2005, the U.N."

With so much deforestation going on around the world and in pristine rainforest areas such as Panama what can one do? In Panama, the government created a reforestation visa Law 24 of November 23rd, 1992, created incentives for reforestation activities in The Republic of Panama. This created a huge interest among investors and retirees wishing to come live in Panama and obtain a visa in Panama. We came across United Nature whom can provide residency in panama for a mere investment in reforestation of only $80,000 us dollars. We have found that companies as these and incentives of this nature are creating an interest in private investors and companies to take an active role in reforestation projects. With so many acres of land being wiped out for either cattle ranching, agriculture or real estate developments our primary forests which take years to reach maturity are wiped out in days!

It is time for each and everyone one of us to become aware that the global warming problem is NOW and that is happening at this very second and rapidly and we all must do something about it! We strongly believe that many citizens in the world know and are aware of what is happening to our earth but not many know what to do about it and continue to consume products packaged in plastic, buying toys and producs made of non biodegradeable and harmful to our earth. It is time that each and every one of us take pride and concern for our environment and plant a tree or take some of our hard earned cash and instead of buying the latest suit or watch, invest it into our environment by purchasing a small parcel of land and reforesting it! That is one way to be GREEN!

Santa Clara Residences Announces the Launch of their Website www.santaclarapty.com

2009-02-16T11:51:00.000-08:00

Santa Clara Residences' management team is proud to announce the launching of its new website created by local panama web designers adestudio. The new Santa Clara Residence website truly captures the essence of this panama beachfront condo project. The natural beauty that surrounds Santa Clara is prominent on the website which includes sunsets, farallon island, seagulls and the ever so popular white sand and palm tree lined beaches.

Santa Clara Residences which is a Panama beach-front condominium project, is owned by local businessmen: Mr. Peter Vallarino (AIRCO), Mr. Rogelio Aleman (CUSA), Mr. Marco Schrem (MSG Properties) and Mr. Lucas Zarak, who is in charge of the administration and development of the Project.

The Location of the Santa Clara Residences is just 120 km (74 KM from Panama City) which is only 1 hour and 20 minute drive through the interamerican highway. Santa Clara Beach Residences will feature two luxurious towers of 23 floors each, both strategically positioned to allow for stunning pacific ocean views from all areas of the project.

The apartments at Santa Clara Residences are designed so that you can fully enjoy the breathtaking terraces in every apartment, most of which will include a private jacuzzi. The apartments will feature a floor to ceiling of 2.95 mts. which allows its residents to enjoy panoramic views of the Farallon Island and the beautiful blue Pacific Ocean.

The floor plans at Santa Clara Residences will include 94 mt2 1 bedroom + studio complete with 2 bathrooms and open kitchen, a 159 mt2 2 bedroom 2 bath layout with open kitchen and jacuzzi in the terrace, and 191 mt 2 4 bedroom 3 bath layout with jacuzzi in the terrace. There are also Jr Penthouses 208 sq meters that are 3 bedrooms 3 bath complete with jacuzzi in large terrace and also Jr Penthouses 244 sq meters that are 4 bedrooms 3 bth also with jacuzzi on large terrace.

Santa Clara Residences continues to show great demand in the Panama Real Estate market place with many local panamanians buying in this highly acclaimed panama beachfront condo project. For sales information contact panamarealtor@gmail.com at www.selectpanamarealestate.com or call us in the US at (305) 420.6840 or in Panama at (507) 302.7444

Agricultural Land in Panama "Rich in Demand"

2008-12-27T07:45:00.001-08:00

With the costs of petroleum going down, the price of cement, steel and other construction materials tanking, the only commodities that have experienced in increase in price is food and gold. The increase in food prices and the increase in agricultural incentives in panama has seen a recent upsurge in demand for agricultural land in Panama. With many rich farmland throughout panama such as is the case in the cocle province just 1 hour away from panama city, the demand for land from locals as well as foreigners continue to rise.

In areas close to Penonome towards the hills in areas such as Tambo there is vast amounts of land being used for orange plantations, with over 1200 hectares of valencia oranges planted in this area. There is also a new orange processing plant for "Panama's Best" orange juice and in the months of January we should see the plant very busy due to harvest season. This areas rich and fertile soil is also very popular for the plantation of other products such as pepper plantations, vanilla plantations, coffee, bananas, and hardwood trees such as teak, mahogany and oak.

We spoke to panama real estate experts at panama-experts.com and they told us that recently they have seen an increase in demand for farms that have teak already planted due to the tax incentives that panama provides for teak investments and/or farmland. Cattle raising is also very popular in these areas with land parcels with great forage planted on them and a plentiful amount of water from numerous rivers and brooks throught these areas. There are other areas in this province that are also very popular for farming and rural residential developments projects such as is the case in la pintada and Miraflores where there is a rural residential project with larger than acre lots with a "hobby farm" feel and the Palmar river running through the back. These areas represent great retirement opportunities since land can be purchased as low as $4.00/meter for parcels with infrastructure such as access, electricity, water and even internet.

Santa Clara Beach Residences Hosts Cocktail Reception

2008-12-14T17:16:00.000-08:00

On Wednesday December 10th Santa Clara Residences hosted a cocktail reception at their offices in Obarrio diagonal to the Trump Ocean Club sales offices. At the elegant cocktail reception you were greeted by the sales manager Lucas Zarak and other members of the development team including Rogelio Aleman, Peter Vallarino and others. Many existing clients that have already purchased at the Santa Clara Residences attended the reception.

The reception also attracted some local brokers including members of Templar, Select Panama Real Estate and even Fortune Realty of Miami. The turn out was quite good and the atmosphere was very friendly. It seems that the majority of the buyers of the project are predominantly local Panamanians though many US and Canadian clients have expressed interest in buying a condo at the Santa Clara Beach Residences as well as Europeans.

Santa Clara beach residences will be located in the beautiful Santa Clara Beach, right in front of Farallon Island. Neighboring the famous Playa Blanca home to the Decameron, soon to open Nikki Beach Club Residences, and future home of the Hard Rock Hotel Panama. The location promises to a quiet and relaxing getaway just 1 hour 20 minutes from Panama city but close enough to nightlife, restaurants, casinos and some local grocery stores as is the case with the Rey Supermarket in Coronado.

The project consists of 2 towers "Amanecer & Atardecer" which translate to Sunrise and Sunset towers and the typical units will be:

* 1 Bed, 93.50m2 (includes 25m2 terrace)
* 2 Bed, 158.50m2 (includes 30m2 terrace)-Corner unit
* 3 Bed, 191m2 (includes 35m2 terrace)-Corner uni

Additional units also available are:

* 115.50m2 (1 Bed + Studio),
* 123.50m2 (1 Bed + Studio),
* 185.50m2 (2 Bed + Studio)
* Junior penthouses of 208m2 and 244m2
* Penthouses of 392m2, 411m2, 459m2

The project will have all the modern amenities you would normally find in a city project including gym/spa, infinity pool, underground parking, kids park and a piano bar which promises to be its main attraction. If you are interested in obtaining more information on the Santa Clara Beach Residences contact Select Panama Real Estate in Panama at (507) 302.7444 or e-mail them for a brochure at selectpanama@gmail.com

One Candidate in Panama seems to be Gaining Ground

2008-12-12T03:48:00.000-08:00

Only one Candidate Mr. Ricardo Martinelli of the Cambio Democratic (democratic change) party seems to be gaining ground while the others Balbina Herrera, Juan Carlos Varela and Guillermo Endara seem to be loosing impulse. In an article today in the Panorama section of La Prensa based on recent surveys by Unimer it states that Ricardo Martinelli has gained up to a 60% strength in impulse from recent campaign efforts, whereas Balbina Herrera has a 50% impulse, Juan Carlos Varela a 45% and Guillermo Endara a 35%.

68% of the interviewed said that for them it is very important in selecting a presidential candidate for whom they will support in the 2009 panama elections. On May 3 2009 the panamanian people will be able to vote for their presidential hopefuls to lead their country from September 2009 til 2014 a five year term.

for more information visit la prensa in the panorama section page 10A.

Panama Next Hotspot by CNBC

2008-12-02T09:37:00.000-08:00

This recent press release by CNBC is labling panama as the next hotspot. Enjoying a healthy economy panama will be the site of not only an expanded Panama Canal but also home to a Hard Rock Hotel Panama, Marriott, Radisson, and Le Méridien as well as Donald Trump, whose 65-story Trump Ocean Club is slated to open in 2010

read the whole article at:

Next: Hotspot

Panama’s  shopping forecast

Panama’s image and fortunes are bound to the canal that slices through it, a 80km feat of partly French, largely US engineering linking the Atlantic and Pacific, lucratively facilitating 5% of the world’s trade. For 75 years, the canal and a 15km buffer zone were administered by the US as recompense for their efforts. Since regaining control in 1999, this southernmost Central American republic, with a population of 3.3 million, has undergone an energetic transformation. Panama Canal, once at risk of being bypassed by the new generation of super-sized container ships, is undergoing a €4.6bn expansion, and the confidence inspired by the project has been a catalyst for development across all key sectors.  

After announcing the expansion in 2006, GDP growth rose to 11.2%, outstripping China, and making Panama not only the fastest-growing Latin American economy, but, according to the IMF, one of the fastest-growing in the world. Now that growth has proven to be sustainable, Panama is firmly on the radar of European investors. 

Expansion, allowing for double the current capacity, is expected to bring in an additional €10bn or so in direct revenue during the first 11 years following completion in 2014. “It’s estimated that even during construction the canal project is adding an additional 1% to GDP annually, benefitting a wide range of areas,” adds Judith Gold of IMF. 

It’s also a boost to related industries – multimodal logistics, exports, free zones (the Colón Free Zone is already the second largest in the world) and ports (Hong Kong’s Hutchison Whampoa intends Balboa to be the largest in Latin America by 2010), and two new passenger terminals have been opened to accommodate a vast and growing luxury cruise and mega-yacht industry.  

Panama City, home to the largest concentration of international banks in Latin America, continues to grow in importance as a financial hub. “The financial centre has quickly responded to new opportunities.” says Carl-Fredrik Nordström of the Autoridad de Turismo Panamá. “Currently the Panamanian banking sector has US$14bn [€11.2bn] in market liquidity and has attracted significant new investment.” This trend will continue if the planned integrated Central American Stock Exchange resolves regulatory issues and begins operating next year. 

The stock exchange idea is modeled on the integrated Scandinavian model and has been funded by the Inter-American Development Bank. Designed to increase trading volume and lure foreign investors and companies, it will offer a single trading platform for Panama, Costa Rica and El Salvador, according to the chairman of Panama’s stock exchange Ricardo Arango. 

Political and fiscal stability and the mood of confidence has triggered a construction frenzy, mainly luxury tower blocks in and along the coast around the capital catering to an upwardly mobile local market as well as an influx of North American buyers. Hotel development is rampant after steady growth of 12.5% a year in tourism shot up to 30% in 2007, the biggest spike in visitor numbers in the Western hemisphere. And it’s not over. The World Travel and Tourism Council predicts revenue from tourism will double by 2018, hence the need for a further 8,000 rooms, 1,800 of which will be added in 2009–10.  

“Panama is emerging as one of the world’s hottest destinations for the jet-set crowd,” says Gary Sims of Nikki Beach Hotels, which has two projects underway. Marriott, Radisson, Hard Rock and Le Méridien have invested, as has Donald Trump, whose 65-story Trump Ocean Club opens in 2010. Prices are high and competition fierce for investment opportunities in Casco Viejo, the Havana-like colonial quarter of Panama City recently featured in the latest Bond installment, Quantum of Solace, and undergoing extensive restoration.  

The appeal of easily-accessible Panama to the US market is obvious. But, say analysts, an influx of tourism and foreign investment from Europe, Spain, Russia, and Turkey has fuelled this year’s growth.  

“Our global advertising and public relations campaign has helped spur on this growth” says Nordström. “This campaign, with increased effort towards the European market, was initiated last January, and looked to present Panama to Europeans really for the first time.” 

European investors are now behind some of the top projects. The UK’s London & Regional Properties sealed one of the biggest development deals ever, acquiring the 1,112ha Howard Air Force Base with a plan to transform it into a €8bn business district the size of the City of London complete with retail and hotel facilities and 20,000 homes.  

“The current economic crisis may slow down the pace of growth but long-term projections remain highly positive,” adds Nordström.  

With controlled inflation, control of a vital shipping route and a service-based economy, Panama looks set to be largely immune to the vicissitudes of the global economy. Says IMF’s Gold: “It’s hard to forecast in the current climate, but the Economic Intelligence Unit predicts GDP growth of 9%–10% for Panama next year. So far, Panama hasn’t had the banking crises other countries have had; so far, so good."

Projects in Panama Laugh at Construction Norms

2008-11-17T05:26:00.000-08:00

Seven projects in panama have been cited for not following the rules of construction and are making changes in the projects without previous permission. Those projects include Versalles I & II by Grupo Vivienda, Villad De Andalucia - Brupo Provivienda, Planta de Asfalto (Cement Plant), Metrol Mall and Plaza Valencia.

The fact that the ANAM (Environtmental Impact Authority) has insufficient personel to control these developers from breaking the rules was cited as the main problem. This article was published in Nov. 17th of La Prensa, you can access it on this Link, or read it in spanish below:

Siete obras están bajo la lupa por violación de leyes

Las entidades correspondientes reconocen que no tienen personal suficiente para las inspecciones.
LA PRENSA/Carlos Lemos
RELLENO. Este es el tubo que dejó la Inmobiliaria San Fernando para que pase la quebrada de Ciudad Radial. Cuando llueve, el agua no puede correr de forma natural, se estanca y retorna a la barriada. 1119277
Canalización. Quebrada en la Rotonda de Villa Zaíta.
Shelmar Vásquez Sween
svasquez@prensa.com

Siete obras que se construyen entre las áreas de San Miguelito y la Vía Tocumen han burlado las normas de estudio hidrológico y de mitigación de impacto ambiental, debido a la falta de inspección de las autoridades.

Estas violaciones han alterado el curso de quebradas, ríos y sistemas de aguas pluviales que circulaban en estas áreas desde hace más de 40 años sin amenazar a las urbanizaciones a su alrededor.

Ahora la historia es otra. Los residentes de estas mismas comunidades viven con la zozobra de que en un abrir y cerrar de ojos puedan perder nuevamente sus bienes, incluso sus vidas, por el desbordamiento de estas corrientes de agua.

Rudy Nieto es morador de la barriada Ciudad Radial, que colinda con el proyecto de relleno que realiza la inmobiliaria San Fernando para construir un futuro centro comercial.

Bajo la amenaza de tirarse a la calle, Nieto y sus vecinos hicieron que las autoridades fueran a inspeccionar “el desastre” provocado por la promotora, y que hizo que sus casas quedaran bajo el agua hace unas semanas.

Detalló que los canales por donde corría la quebrada de la Radial, que pasaba por debajo del Corredor Sur hasta desembocar en un manglar, fueron obstruidos por la inmobiliaria, que construyó otra ruta para el paso del líquido.

El agua, ahora, para llegar al manglar tiene que pasar por una especie de embudo, que la constructora colocó a la orilla del Corredor Sur.

Es mucha agua para tan pequeña cavidad, según Nieto, por eso el agua se queda estancada, y cuando llueve el nivel sube en cuestión de minutos. Esto sin contar que los otros tubos que han colocado para guiar las corrientes hasta ese punto, están sucios, llenos de residuos de cemento, paja y demás basura.

“La inmobiliaria no ha hecho nada por arreglar este problema y mientras tanto nosotros tenemos que correr a subir muebles a las camas y mesas cuando cae cualquier aguacero”, indicó.

Casos similares

Salermo Aizpurúa, vocero de las comunidades de Altos de Plaza Tocumen, Las Acacias, Villas de Don Bosco y Villa Las Acacias ve con terror la forma como la Promotora Provivienda ha levantado tres obras cercanas a ellos: Villas de Andalucía y Versalles I y II.

Aquí la historia de Ciudad Radial se repite, pero con las aguas pluviales, que también pasaban por debajo del Corredor Sur y, ahora, no pueden hacerlo de forma fluida debido a la canalización inapropiada que ha realizado la constructora.

“Con un aguacero fuerte de 30 minutos, el agua queda a nivel del canal que la promotora hizo para que circulara. Entonces tenemos que esperar a que se desborde para que las autoridades hagan que se corrijan los malos trabajos que son visibles a los ojos de cualquiera”.

En tanto Maribel Royer, de la urbanización Rotonda de Villa Zaíta, ha liderado –en conjunto con sus vecinos y los de la comunidad de Villa Milagros– una lucha contra la constructora Casas de Panamá, que levanta detrás de sus residencias el proyecto Plaza Valencia.

Manifestó que han canalizado, con un tubo de 42 pulgadas, una quebrada que tiene más de 40 años de acompañarlos y en donde la gente se bañaba.

En estos momentos la quebrada se desborda cada vez que llueve, y tienen que ver “con tristeza” cómo un caudal cristalino se ha convertido en un lodazal.

“Las autoridades vienen, les dicen a los responsables del proyecto, frente a nosotros, lo que están haciendo mal y deben corregir. Pero pasa el tiempo, no hacen nada y nosotros seguimos con el problema, que ya va para un año”, se quejó la señora.

Royer agregó que otra prueba de que la promotora citada “hace lo que quiere, sin que nadie le ponga un alto” es que ha tomado unos 15 metros de servidumbre, para extender el relleno sobre el que construirá casas, llevándose por delante varios árboles frutales.

A todos estos proyectos, que ya están siendo investigados por la Autoridad del Ambiente (Anam) y el Ministerio de Obras Públicas, se suma el Proyecto Metro Mall de Grupo Roble, responsable de las inundaciones de Villas de San Antonio, y la planta de asfalto de Constructora Urbana, S.A. señalada por la Anam de atentar contra el medio ambiente.

En un recorrido que hizo este diario por los proyectos, se intentó obtener la reacción de los ingenieros responsables de las obras, y ninguno quiso emitir pronunciamiento alguno.

¿QUIÉN LOS FISCALIZA?
MODIFICACIÓN. Encauce de aguas pluviales que realizó la Inmobiliaria Provivienda en Don Bosco.
MANTENIMIENTO. La Anam ordenó limpiar los desagües a la empresa San Fernando.

El jefe de ingeniería municipal de San Miguelito, Eric Zapata, informó que antes de que ellos o el municipio capitalino otorguen un permiso de construcción a alguna promotora, esta debe presentar el plano aprobado por varias entidades estatales. Entre ellas: el Ministerio de Obras Públicas (MOP), Ministerio de Vivienda, Ministerio de Salud, Autoridad Nacional del Ambiente, Autoridad de Tránsito y Transporte Terrestre.

“Todos ellos dan fe de que el proyecto que se va a construir cumple con las normas establecidas”. Pero la realidad es que muchas promotoras empiezan obras evadiendo algunos de estos permisos o no se ajustan a lo que se les aprobó en los planos”.

Zapata admitió que hay que hacer inspecciones regulares, pero que no cuentan con el personal ni el equipo especializado para cubrir todos los proyectos.

Por su parte Jaime Salas, del Municipio capitalino, opinó que todas las entidades que dan su sello de aprobación deben inspeccionar los proyectos, y cuando encuentran una irregularidad, referirse al municipio correspondiente para proceder con la suspensión de la obra o las sanciones previstas.

El subdirector nacional de inspección del MOP, Camal Singh, dijo que los responsables de los proyectos mencionados han recibido órdenes de corregir las irregularidades encontradas en sus obras, y afirmó que estarán fiscalizándolos.

Además, apuntó que muchas de las fallas citadas se han generado por el dudoso estudio hidráulico que estas empresas realizan sobre el terreno que van a trabajar. “Quien diseña el proyecto tiene que prever situaciones que se pueden dar en el lugar. Nosotros tampoco contamos con suficiente personal para cubrir todo el país”, indicó.

Por su parte, Zapata reiteró que la aprobación de un plano no libera a los dueños del proyecto de la responsabilidad de cubrir cualquier falta en la que incurran.

Barack Obama Elected President of the US

2008-11-04T20:52:00.000-08:00

Senator Barack Obama was elected the forty fourth president of the Unitedd states winning over John McCain in what seemed to be a landslide victory. With over 340 electoral votes Barack Obama won with over 3Million votes and with a narrow margin of popular votes. In a speech at grant park in Chicago the new president elect gave a glorious speech. The first Africa American to be elected president of the United States of America!

People gathered outside the white house, celebrated in Kenya, in time square and what seemed to be an incredible amount of excitement around the world. Obama walked out into Grant Park with his wife and two daughters to be received by hundreds of thousands of followers. John McCain gave a speech from the Biltmore hotel in Phoenix Arizona congratulating Senator Obama on his victory! Obama began his speech with "Is there anyone out there who still believes that something is not possible?" "Change has come to America" he recieved calls from Senator McCain and from President George Bush inviting him to the White house with his family so he can experience what life as a president holds for him.

With Oprah Winfrey in the public and Reverend Jesse Jackson, the 44th president of the United States gave an inspiring speech. We in Panama wish the new president elect Barack Obama the best and give him all the strength to take the US forward in what will be a long and arduous road.

Coastal villages face land grab

2008-11-02T17:05:00.000-08:00

In the Miami Herald Section of La Prensa today it was published how coastal villages face land grab and how squatters are being asked to pack up and move on. Below the story as published in la Prensa.

Panama’s thriving real estate industry threatens long-term residents of coveted coastal regions.

Inhabitants of two beachfront villages allege that they were forcefully evicted by police.

maydée romero/la prensa

On Oct. 10, a court returned a land title to a Colón resident whose property was gifted to a developer by the Office of Land Registry at the Ministry of Economy and Finance

A wave of evictions has hit coastal communities across the country, picking up and scattering, in some cases, entire villages to make way for the flood of real estate and tourism developments.

The voices of distress rise up from both the Atlantic and Pacific coasts, where inhabitants and even some local authorities claim that developers are ignoring the possessory rights of long-established residents, according to attorney Guillermo Márquez Amado.

In the middle of the controversy is the National Program for Land Administration that is looking to carry out a widespread campaign to assign land titles.

Some of the displaced communities are getting organized to protest the initiative, which they say has backed them into a corner, with their lands being ceded to powerful companies on one side, and the cost of obtaining a land entitlement far from their reach on the other.

Donatilo Jiménez still wonders how the Office of Land Registry at the Ministry of Economy and Finance thought it could grant land in Cocuye, in the Santa Isabel region of the Colón province, that had belonged to his family for three generations to a developer.

Thanks to Jiménez’s perseverance, however, he was able to fight the government’s decision and reclaim his land as of Oct. 10 in a court ruling supported by the land administration program’s consultative council.

Though Jiménez was pleased by the outcome, he remains concerned about his ancestral land, which is coveted by several developers of tourism projects.

“We’re not opposed to [the projects], but if they think they claim not to know that we have a right to the land, we’re going to defend it,” he added.

“What happened to Donatilo can happen to any of us,” said Alfredo Reid, a resident of Santa Isabel.

While the Santa Isabel community is breathing a little easier for the moment, several indigenous communities in the archipelago of Bocas del Toro are on tenterhooks about their lands, after some 17 policemen allegedly showed up in the village of Cayo de Agua and tore down the homes of nearly 100 families, said Félix Sánchez, a resident of the area.

Six days later, the same savagery occurred in the coastal town of Playa El Toro and La Garita, in the Pedasí area of the Los Santos province. That day, a group of fishermen were preparing for their morning activities when heavy machinery arrived to demolish their houses, reported to Amada Caballero.

According to Caballero, the order was given by the land’s supposed owner, ignoring the fact that the land has been occupied by the current residents for more than 40 years.

Rebeca Díaz may not have been one of those evicted from their beachfront property in nearby Pocrí, but three years ago the land administration program assessed their 133 square meter lot for a fee of $165, before informing her that she would then owe $400 per square meter, a sum required to obtain a so-called “administrative title.”

César Carrasquilla, chairman of the program’s advisory council confirmed that his office has received several reports similar to Díaz’ case.

La Prensa’s attempts to contact Vice Minister of Economy and Finances Gisela Alvarez de Porras, and the land program’s technical coordinator, Rolando Armuelles, were unsuccessful.

For Panama Real Estate visit: http://selectpanamarealestate.com

Tourism Project in San Carlos Obtains Approval

2008-10-03T09:25:00.000-07:00

A Condo Hotel project associated with the current ministry of Housing, Gabriel Diez, obtained en Environmental Impact approval by the ANAM (the environmental authority), in Today's La Prensa, it was reported in The Miami Herald Edition Section that:

Project imperils wetlands

Anam officials expedited approval of a tourism complex proposed by a company linked to the current Mivi director.

The agency apparently ignored reports that the project could harm mangoves in the area.

red-flagged: Two environmental agencies are urging Anam to rescind its approval of the project destined for a mangrove forest.

Last month, the Autoridad Nacional del Ambiente (Anam) quietly gave the green light to build a tourism development in the middle of a mangrove forest in San Carlos, an area on the Pacific coast in the district of Panama.

To View article in La Prensa visit: La prensa

The company behind the $60 million project, Desarrollo Turístico San Carlos, S.A., belongs to the family of Ministro de Vivienda Gabriel Diez, and includes a complex consisting of 496 apartments and condominiums, 16 villas, a clubhouse and a 192-spot parking lot on several hectares of mangrove-rich territory overlooking the ocean.

An environmental impact assessment (EIA) for the project, named CondoHotels Naakar, was approved by Anam’s Dirección de Evaluación y Ordenamiento Ambiental in less than three months, an unusually expeditious manner for the agencies. And in May, the Ministerio de Vivienda (Mivi) pushed through a rezoning proposal for the area, making the land available for the ‘high-density residential’ and ‘high-density urban tourism’ projects, just four days before Gabriel Diez made his son head of the family business so that he could assume the position of Mivi director.

Not everyone has been on board with the development, however. In August, the Autoridad de Recursos Acuáticos de Panamá (Arap) signaled Dirección de Evaluación y Ordenamiento Ambiental director Bolívar Zambrano that the EIA had raised red flags about the ecological soundness of the project at the Ministerio Público.

“This area has been the subject of [environmental] complaints submitted to Arap since 2005,” said Arturo Dominici-Arosemena, head of the Unidad Ambiental at Arap, in the letter to Zambrano, dated Aug. 20.

“It’s worth mentioning that our technical assessments indicate that this property is an area full of estuarine wetlands, particularly mangrove forests, which are outside protected areas, but by order of Act 44 of 2006 fall under the responsibility of Arap and have been reportedly affected in before the completion of an EIA,” wrote Dominici-Arosemena.

Additionally, officials from the regional administration of Anam in Panama Oeste filed a report claiming that Desarrollo Turístico San Carlos, S.A. had dug a channel on the property, diverting the natural flow of a creek, which had caused pollutants to build up in the area.

The report is dated April 27, 2007. A day earlier, Anam had conducted an inspection of the area, in which Gabriel Diez participated.

Despite Arap’s warnings, Anam’s resolution to go forward with the project was issued. The agency also made its decision before several other agencies could weigh in on it. These agencies included the environmental units of the Instituto de Acueductos y Alcantarillados Nacionales, the Instituto Nacional de Cultura, the Instituto Panameño de Turismo (IPAT) and the Ministerios de Obras Públicas, Salud and Vivienda.

Being a Category I EIA, there was no public consultation required. Even so, the Diez family company reported having carried out a survey of 15 residents of San Carlos, of whom 66 percent allegedly did not feel the project would have a negative effect.

“There are two neighbors who are opposed because it affects their interests. They have brought suits before several institutions and we have taken nearly three years in addressing everything and doing things with total adherence to the law,” concluded Diez.

The Centro de Incidencia Ambiental (Ciam) has urged the Anam director Ligia Castro to intervene before the development does irreversible damage to the important San Carlos wetlands.

For Condo Hotel Investments in Panama visit Select Panama Real Estate

Panama not affected by US Financial Crisis

2008-10-03T09:11:00.000-07:00

The minister of Finance, Hector Alexander and General Controller, Carlos Vallarino, reported yesterday during a meeting at the general assembly that panama's financial state remains quite healthy and that Panama has not been affected by the US financial crisis.

La Prensa reported today in an article in the business section. You can read the full article in spanish below or access article in La Prensa.
Panamá ‘no se ha contagiado’

Depósitos e inversiones de la banca oficial y privada están en entidades que no están en riesgo, dijo Vallarino.

El centro bancario está a salvo y la economía nacional seguirá creciendo fuerte en 2008 y 2009, según Alexander.

Nuestro sistema bancario tiene sus depósitos en bancos sólidos, que no han sido tocados por la crisis: BNP Paribas, HSBC, BBVA, Wells Fargo y JP Morgan”. Carlos Vallarino Contralor general de la República

Marianela Palacios Ramsbott
Edith Castillo Duarte

El ministro de Economía y Finanzas, Héctor Alexander, y el contralor general de la República, Carlos Vallarino, dedicaron ayer una buena parte de la sustentación del presupuesto fiscal 2009 en la Asamblea Nacional a garantizar que la economía y el centro bancario panameños gozan de plena salud y “no se han contagiado” de la crisis financiera de Estados Unidos (EU).

“Nuestro centro bancario es uno de los más sólidos del mundo”, enfatizó Vallarino y para respaldar esa afirmación dijo que tiene actualmente 63 mil 600 millones de dólares en activos; una liquidez “elevadísima”, del orden de 24%; y un patrimonio y una adecuación de capital “cómoda”, de 14%.

Además, garantizó que las colocaciones e inversiones de los bancos privados que operan en el país están a salvo porque no están en los bancos que han sido afectados por la crisis financiera, como Lehman Brothers o Merrill Lynch.

“Nuestro sistema bancario tiene sus depósitos interbancarios en bancos sólidos, que no han sido tocados por la contaminación de la crisis financiera, provenientes principalmente de países del Reino Unido, Francia, Luxemburgo, Holanda, Canadá y Estados Unidos”, precisó. “Esos depósitos están en HSBC, BNP Paribas, BBVA, JP Morgan y el Wells Fargo, que tienen una gran solidez”, acotó.

También destacó la gran capacidad de supervisión que ha desarrollado la Superintendencia de Bancos en los últimos años y con las últimas reformas legales.

“No es que esto evite al 100% que haya problemas, pero es una garantía de que el riesgo está más controlado”, afirmó.

El reporte que hizo el miércoles la Comisión Nacional de Valores al grupo que integró la Presidencia para dar seguimiento al efecto de la crisis en Panamá, del cual forman parte Vallarino y Alexander, tampoco dio señales de alarma.

“Las 44 casas de valores realizan en su mayoría operaciones a personas por cuenta propia; es decir, que es en todo caso el patrimonio de individuos el que está arriesgándose. Pero no son las casas de valores, con sus activos y sus depósitos, las que están en riesgo”, acotó Vallarino.

Alexander indicó a los diputados que la economía panameña goza de tan buena salud actualmente, que todo parece indicar que en 2008 y 2009 seguirá creciendo fuerte. Según su pronóstico, este año el crecimiento no será menor a 9%.

“Las colocaciones hechas por el Banco Nacional, nuestro patrimonio, están bien. Lo mismo en el caso de la Caja de Ahorros y Caja de Seguro Social. Los recursos financieros del Canal también están protegidos. Y, en el caso del Fondo Fiduciario, solo 0.3% de las inversiones está en riesgo. Así que la situación no es preocupante”, destacó el ministro.

La firma Indesa advirtió ayer que una recesión en EU podría afectar las exportaciones y las inversiones extranjeras en Panamá. Alexander coincide con la firma, pero muestra optimismo respecto al plan de rescate financiero que debate el Congreso. “Se espera que eso ayude a la recuperación económica en EU”.

Inversiones y programas sociales millonarios

El proyecto de ley de presupuesto general del Estado de 2009 incluye 61.5 millones de dólares para el programa Red de Oportunidades (RO), con el que se da un subsidio de 50 dólares mensuales a las familias que viven en extrema pobreza.

El presupuesto original de este programa social, correspondiente a su primer año de ejecución en 2006, era de 15 millones de dólares. El fuerte aumento obedece a la ampliación de su cobertura, de 15 mil a más de 60 mil familias, y también al incremento del monto del subsidio, de 35 a 50 dólares al mes.

De los 572 millones de dólares que la Autoridad del Canal de Panamá aportará este año al presupuesto fiscal, 50 millones servirán para financiar el Programa de Desarrollo Comunitario (Prodec) y 34.3 millones se usarán para proyectos de inversión en educación, informó ayer el ministro de Economía y Finanzas, Héctor Alexander, durante la sustentación del programa económico del próximo año en la Asamblea.

Por su parte, el aumento de salario mínimo del sector público, que fue aprobado este año, costará al fisco 12.7 millones en 2009 y los sobresueldos de los educadores que trabajan en áreas de difícil acceso costarán 20 millones adicionales.

El paquete de inversiones programado incluye partidas para la construcción del Hospital de Panamá Este, el nuevo hospital quirúrgico de El Vigía en Chitré, la remodelación del nosocomio de Changuinola y la eliminación de las escuelas rancho.

Además, la ampliación del programa de becas del Instituto para la Formación y Aprovechamiento de los Recursos Humanos (Ifarhu), la culminación de la Ciudad Deportiva de Juan Díaz, la rehabilitación de las carreteras de la costa de Colón, la cinta costera, la carretera Bayano-Tortí y el ensanche de la carretera Panamericana en el tramo 24 de Diciembre-Pacora, entre otros.

Aterrizaje lento es ‘lo más conveniente’

La crisis financiera global y su posible impacto en Panamá es el tema de rigor en los foros económicos, y no fue la excepción en la reunión mensual de la firma consultora Indesa con sus clientes, en la que entre otros tópicos se analizaron las perspectivas que se presentan para el sistema bancario.

Indesa prevé un posible encarecimiento del crédito interno, no solo por una baja en la demanda local de préstamos para consumo e inversión, sino por las condiciones externas.

También pronostica un crecimiento del crédito a un ritmo más moderado, sobre todo el de consumo, que ya está dando muestras de desaceleración. Según los datos de la Superintendencia de Bancos, transcurridos siete meses del año esta cartera creció 12%, cuando en meses anteriores marcaba un ritmo superior al 15%.

Ello es positivo, según el director de Asuntos Económicos de la Superintendencia de Bancos, Gustavo Villa, porque se estaba creciendo a un ritmo muy acelerado. En tiempo de turbulencias, es mejor “un aterrizaje lento”.Otro factor positivo es que en este momento en que hay una crisis de liquidez en los mercados internacionales, los depósitos internos —que representan el mayor porcentaje de fondeo del sistema— crecen casi que a la misma velocidad (18%) del crédito interno.

Sin embargo, para Villa lo que preocupa es qué pasaría cuando los bancos tengan que recurrir al mercado internacional para compensar el otro porcentaje (36%) que requiere para cubrir su fondeo.

Del lado de las inversiones, los últimos datos de la Superintendencia revelan que ascendían a 11 mil millones al cierre de julio, alcanzando un 22.8% de crecimiento en comparación con el año previo, canalizadas principalmente en los mercados de Estados Unidos, El Salvador, Costa Rica y Colombia. Este comportamiento ha sido motivado por los mejores niveles de rendimiento que aportan los títulos de inversión, si se comparan con los tipos de interés a plazo.

El 41% de estas inversiones está en acciones de empresas.

For information on ivesting in panama visit: http://selectpanamarealestate.com

Howard Takes Shape with London and Regional

2008-07-22T05:33:00.000-07:00

In a feature article in today's prensa in the Martes Financiero section (Financial Tuesday special insert)states that the second semester of this year will be a desisive moment for the London and Regional development of the old Howard Air Force base. Edgar Hernandez revealed that in four month the movement of earth for the preparation of development within the 26 hectares will be visible.

In the next 40 years London and Regional (developers of the masterplan in howard) will have invested over 700 million dollars in the creation of a mixed community. In the 1400 hectares which comprises howard not only will they build logistics parks and office complexes, they will aso have residential complexes, shopping centers, hotels, restaurants, resorts, golf courses, sporting areas, parks, schools, and universities.

see the full article in todays prensa or read the spanish version in its entirety below:

Howard toma forma

Los primeros trabajos de construcción de la antigua base de Howard se iniciarán en cuatro meses. Esto marcará una era de proyectos en la antigua base militar. Habrá áreas residenciales, centros comerciales, hoteles, restaurantes y ‘resort’

La Prensa | Josué Arosemena

MERCADEO. Edgar Hernández asegura que London and Regional Panamá trabaja en la promoción internacional de Howard.
El segundo semestre de este año será decisivo para el desarrollo de Howard. El director de construcción de London and Regional Panama (L y R ), Edgar Hernández, reveló que en cuatro meses será visible el movimiento de tierra para edificar del business park, dentro de una zona de 26 hectáreas.

Pero qué importancia tiene la construcción, inicialmente, de dos edificios y tres galeras, cuando en Panamá se erigen megaproyectos como la cinta costera o la ampliación de la carretera Panamá-Colón.

Pues, se trata de los primeros trabajos para desarrollar un concepto inmobiliario novedoso para el cual, en los próximos 40 años L y R (desarrolladores del plan maestro de la antigua base militar) invertirá más de 700 millones de dólares en la creación de una comunidad de uso mixto.

De alguna manera las primeras iniciativas en infraestructura definirán la dinámica que tendrá L y R en Howard, y esto será la carta de presentación para que las empresas locales e internacionales firmen notas de intención comprometiéndose a formar parte del nodo.

En las mil 400 hectáreas de Howard no solo se construirán parques logísticos y complejos de oficinas. También habrá áreas residenciales, centros comerciales, hoteles, restaurantes, resort, campos de golf, áreas deportivas, parques, escuelas y universidades.

Igualmente se planea que para esta fecha se haya avanzado en lo que será el componente residencial, con la construcción de 70 casas y un edificio de 60 unidades de apartamentos con un precio de venta aproximado de entre 80 mil y 200 mil dólares, respectivamente.

Para el verano próximo se ha proyectado iniciar la construcción de cinco kilómetros de carretera con capacidad para soportar el paso de equipo pesado y la infraestructura pluvial y eléctrica que necesitarán estos locales.

Plan a largo plazo

El plan, aprobado por la Agencia del Área Económica Especial Panamá Pacífico, se desarrollará por etapas en un periodo de 25 años, aunque el contrato firmado entre la agencia estatal y L y R le garantiza a la firma la administración del área por 40 años.

La inversión más fuerte (405 millones de dólares) se realizará en la primera etapa, en unos 8 años, aunque Hernández asegura que este monto puede elevarse a 200 millones adicionales si el caso lo amerita.

Debido a su localización estratégica cercana a la ciudad de Panamá y al Canal de Panamá, Howard se está convirtiendo en un polo de negocios internacional, que cuenta con la presencia de compañías como Dell, 3M y Caterpillar, en gran parte por su estatus de zona económica especial, que ofrece incentivos laborales, legales y fiscales, y procesos de inmigración simplificados para los trabajadores que allí laboren.

Hoy, cerca de 500 nuevos empleos son los que garantizan la construcción de nuevas infraestructuras.

Ingenieros, arquitectos, consultores de diversas áreas y técnicos trabajan en el campo para levantar la información topográfica y hacer las consultorías que se necesitan.

En el diseño de Howard intervienen empresas de talla internacional: Ware Malcomb Arquitectos (Business Park y el parque logístico); SMWM, Arquitectos y Urbanistas (centro de la ciudad y Southern Hills); MVE Pacific, Arquitectos y Urbanistas (Kobbe Hills, un área exclusiva para viviendas de alto nivel, hoteles de lujo y un campo de golf); Louis Berger Group, Ingenieros Especialistas (ingeniería general del lugar y diseño de la infraestructura) y CB Richard Ellis, Consultores y Corretaje (mercadeo).

Estos desarrolladores comerciales se han asociado con varias empresas locales: Geosistemas de Panamá, Woolpert Panam, Ingenieros Geotécnicos, Vicar, S.A., Ingeniería Atlántica, CODICO, Pretensados Panamá, URS Panamá, y Panamá Environmental Services, entre otros.

Hernández asegura que cada polo de desarrollo se irá gestionando en la medida que exista la demanda.

En la parte comercial ya han entrevistado a los representantes de 150 compañías; unas 80 empresas han mostrado interés y se han firmado 15 cartas de intención con compañías que quieren asegurarse un espacio en la perla del Pacífico.

Hard Rock Hotel Panama Obtiene Aprobacion para Iniciar Ventas

2008-06-23T09:48:00.000-07:00

Hard Rock Hotel Panama Obtiene Aprobacion para Iniciar Ventas

El Hard Rock Hotel Panama es uno de los primeros proyectos en la Costa Pacifica de Panama de Marca Internacional

Panama Ciudad, Panama – Lunes 23 de Junio 2008 – El Hard Rock Hotel Panama – un desarrollo condo hotel de 499 habitaciones en la Costa Pacifica de Panama cuenta con la aprobación para iniciar las ventas por parte del Ministerio de Vivienda (MIVI). El resort destinacion integrará arquitectura contemporaria y amenidades de niveles vanguardistas inclusive cuartos accesibles por piscina, un Rock Spa® y una gama de otras innovaciones diseñadas para crear un nuevo estándar, no sólo para Panamá, pero para la región Caribe/America Central entera y el resto del mundo.

Con las escaseces extremas en alojamientos de hoteles en Panamá, el tiempo no podría ser mejor para la aprobación del gobierno para el proyecto, que traerá la inversión y empleos significativos al área de las playas en la costa pacífica.

"Estoy muy contento con Panama y su gente, y orgulloso de estar involucrado con desarollar el Hard Rock Hotel en las playas de Panama," dice el promotor Bryan, "sé que esto será el lugar perfecto para este proyecto maravilloso, y un gran recurso para las personas que viven en esta área".

Cuándo completado en 2010, el hotel será uno de nueve Hard Rock Hotels operando mundialmente y formara parte de otros planeados abrir aproximadamente al mismo tiempo. Los hoteles traducen los elementos idealistas de su marca y muchos más informales Hard Rock Café ("Adora Todo, Sirve Todo") en una experiencia de cuatro estrellas. Los Hard Rock Hoteles estan situados (ranquiados) coherentemente a la cabezera de los mercados a cuales ellos sirven en terminos de ocupación y promedio diario. (La reputación de la compañía y el desempeño fueron una razon clave por la cual se vendieran sus unidades en cuestion de horas de uno de sus condo-hotels en San Diego).

El diseño eco-sensible del hotel integrará la cultura panameña y colonial con motivos de Kuna dentro de un muy moderno, y contexto expansivo. La mayor parte de las unidades dentro del proyecto tendrán vistas al océano, con excepción de una pequeña sección exclusiva “state of the art” Rock Spa®. Las atracciones planeadas incluyen una piscina de 200.000 pies cuadrados (18,850 mt2), 2 restaurantes de firma, una serie expansiva de Rock Star Suites, un Sky Bar y un servicio de fama mundialmente.

Acerca de Lagomar Resorts S.A,

De las selvas tropicales de Costa Rica al oasis del desierto de Las Vegas, el equipo de Lagomar trae una abundancia de experiencia e imaginacion unica construyendo destinos de talla mundial de estilo de vida. Los desarrollos de Lagomar se jactan todo de diseño de primera clase y construcción ambientalmente-amistoso y financiamiento innovador en un esfuerzo de crear una experiencia remuneradora para todos los huéspedes a inversionistas. Durante los ultimo’s dos años el equipo se estado enfocando exclusivamente en el proyecto de Panamá, cubriendo miles de millas de litoral para encontrar el lugar ideal para un desarrollo de lujo como este. Junto con el Hard Rock Hotel, los promotores de Lagomar estan comprometidos a brindar una vacaciones ecológicamente conscientes inigualables y esperan atraer a visitantes de alrededor del mundo. Para mayor información de ventas o corredores visitar la pagina web: www.lagomarpanama.com o contactarnos al tel. 804-726-6500 o correo electrónico: info@lagomarpanama.com

Sobre Hard Rock Internacional

Con 9 hoteles/casinos del lujo y 121 Hard Rock Cafés de alta energía en 47 países, Hard Rock Internacional es una de de las marcas mas reconocidas mundialmente. Desde sus principios con una guitarra de Eric Clapton, Hard Rock posee la colección más grande del mundo de recuerdos diversos de música, que es demostrado en sus ubicaciones alrededor del globo. Hard Rock también es conocido por sus colecciones de mercancías y moda relacionado a la música, los Hard Rock Live - lugares de actuaciónes en vivo y por el desempeño y un sitio web premiado. Además de los dos Seminole Hard Rock Hotels & Casinos en Tampa y Hollywood, Fla., Hoteles/Casinos Hard Rock se encuentran operando en Las Vegas, Biloxi, Orlando, Chicago, San Diego, Pattaya y Bali. Otros proyectos adicionales del Hard Rock Hotel & Casino han sido anunciados en Macao y Penang, ambos programados para abrir en 2009; Palm Springs y Atlanta, ambos programados para ser inagurados en 2010; y Dubai, planificado para abrir en 2011. El Hard Rock Internacional, S.A. es parte de Seminole Hard Rock Entertainment, Inc. Para más información sobre Hard Rock, visite www.hardrock.com.

para bienes raices panama visite: http://selectpanamarealestate.com

Panama Gets High Ranking in Quality of Life Index

2008-06-01T17:39:00.000-07:00

Panama continues to shine this year in the quality of life index created by Dr. Martin Krause, of the Superior Economic and Administration School of business in Argentina. Panama was ranked 68 of the 192 nations evaluated and it stood out as the 4th best in Latin America.

In todays La Prensa, one of Panama's top newspapers in the Business and Economy section it mentions Panama's top ranking based on Institutional Quality, Economic Liberty, Perception of corruption, Freedom of press and the ease in which to conduct business.

Below is the full article in spanish as published in today's La Presna:

‘ranking’. qué dice sobre este país el Índice de calidad institucional 2008 de martin Krause.
Luces y sombras de Panamá

Panamá se destaca en los índices globales de facilidad para hacer negocios, libertad económica y competitividad.

Pero el país queda mal parado en materia de corrupción, libertad de prensa y equidad social.

CONTRASTES. En 2007 la economía de Panamá creció 11.2%, la tasa más alta de América Latina, pero las brechas sociales no se están cerrando al mismo ritmo. Actualmente hay más de 400 mil personas viviendo en condiciones de extrema pobreza, según el Mides. 1033176
Marianela Palacios Ramsbott
marianelap@prensa.com

Panamá volvió a brillar este año en el Índice de Calidad Institucional creado por el doctor Martin Krause, de la Escuela Superior de Economía y Administración de Empresas de Argentina. El país fue ubicado en la posición 68 entre las 192 naciones evaluadas y fue destacado como el cuarto mejor de América Latina (AL).

Ahora solo lo aventajan Chile, Uruguay y Costa Rica. En 2007 también lo aventajaba El Salvador, pero en la última edición su posición relativa en la región mejoró.

Esto contrasta con la percepción generalizada en el país, según la cual Panamá es muy débil institucionalmente.

"Aún queda mucho por hacer", opina Roberto Brenes, presidente de la Fundación Libertad, responsable de la difusión del índice de Krause en Panamá. "Para mejorar su posición en los ranking internacionales, el país debe mejorar el respeto al Estado de Derecho y la institucionalidad, remover las barreras hacia lo externo que aún persisten y promover la competencia interna a través de la descentralización, la desregulación, una mejor rendición de cuentas y transparencia".

Índice de índices

El ranking de Krause es una especie de "índice de índices", que evalúa la calidad de las instituciones de los países a partir de la ponderación de ocho de los principales ranking globales: Estado de Derecho, Rendición de Cuentas y Facilidad para Hacer Negocios, del Banco Mundial; Percepción de Corrupción, de Transparencia Internacional; Libertad de Prensa, de Freedom House; Competitividad Global, del Foro Económico Mundial (FEM); y los de Libertad Económica del Instituto Fraser y la Fundación Heritage.

Panamá figura como uno de los cuatro mejores países latinoamericanos en al menos cuatro de esos termómetros globales, los que principalmente evalúan competitividad, libertad y apertura económica, seguridad jurídica y facilidad para hacer negocios y comercio. Pero no queda tan bien parado en materia de percepción de corrupción, libertad de prensa, calidad de la educación o equidad social (ver tablas).

Y si, en lugar de compararnos con los vecinos del patio, evaluamos al país respecto a los líderes del planeta en cada una de esas áreas, la conclusión no puede ser otra que: aún estamos lejos del primer mundo.

Hitos

El índice internacional en el que Panamá ha ascendido más en los últimos años ha sido el de competitividad global del FEM: pasó del escalón 65 en 2005 al 59 en 2007.

Ese ascenso guarda relación con el alto crecimiento del país, el desarrollo de la infraestructura y las exportaciones, el importante flujo de inversiones extranjeras, el mejoramiento de la situación fiscal, los procesos de modernización que ha adelantado el Estado, los avances en materia de gobierno electrónico y el progreso del conglomerado de servicios que integran la banca, los puertos, el sector comercial y el Canal de Panamá, destaca el economista Nicolás Ardito Barletta, director del Centro Nacional de Competitividad de la Asociación Panameña de Ejecutivos de Empresa.

Pero noticias tan buenas como estas y el impresionante desempeño macroeconómico del país se ven empañados por otras realidades: 75 mil familias y más de 400 mil personas siguen viviendo en condiciones de pobreza extrema, con menos de dos dólares diarios,según el Ministerio de Desarrollo Social (Mides).

To Access the article on the web visit: La prensa

Panama's Tourism Development Incentives

2008-05-04T10:07:00.000-07:00

The latest law of incentives created by the panamanian government is Law #58 of December 28 2006, which was implemented to promote tourism development which previously had no incentives. Under this law any hotel, apart hotel, cabañas, hostel, and time sharing will benefit from this law. The incentives are extensive and carry out to cover golf courses, tennis courts, saunas, gyms, discotheques, restaurants and convention centers and even marinas, as long as they are integrated and retlated into the hotel industry investments.

The principal benefits and incentives of this law include:
a. 20 years import tax exoneration on materials and equipment necessary for the development of the project.
b. 20 years income tax exoneration including the gains from the sale of real estate used for the development of the project and any improvements. The 20 years begin from the date of the inscription into the Tourism National Registry.
c. 20 years capital gains tax exoneration, including interests gains.

In order to receive these incentives, all investments must be realized in established tourists areas which have a minimum investments of three million dollars inside the metropolitan area, and in other areas of the interior of Panama must have a minimum of fifty thousand dollar investment. The cost of the property does not apply to this amount.

Tourism incentive law in Panama has 2 dates worth mentioning, one is August 30, 2008 which is the deadline to present the request to the IPAT and the 31st of December is the deadline to subscribe it into the National Tourist Registry. You should always consult a professional in Panama if you intend on applying for these incentives.

If you wish to download the law as it is written in spanish you can download from this link:

http://www.selectpanamarealestate.com/tourism_law_58_Panama.pdf

Booming Economy in Panama make it inviting to all

2008-04-05T16:27:00.000-07:00

In an article published by El Nuevo Herald on March 29h it discusses that panama is luring more than just investors to its borders since the Panama Real Estate market attracts all kinds of money including drug money. You can read the published article below or visit: http://www.miamiherald.com/news/breaking_news/story/475430.html

Economic boom make Panama
Posted on Sat, Mar. 29, 2008

By GERARDO REYES
El Nuevo Herald

PANAMA CITY, Panama --
anians proud and concerned

Two weeks ago, a local newspaper ran a story in its business section reporting that in the past eight months 15,491 new companies have been created through a single website.

The report barely raised eyebrows.

That an average of 65 businesses are founded each day here, from professional services to restaurants, is only one of the signs of an economic bonanza that has many Panamanians feeling proud of their prosperity, but also concerned.

Panama is enjoying an 8 percent annual economic growth; significant reductions in the number of unemployed as jobs are growing by 3.8 percent annually; a rise in exports; and a large fiscal surplus.

Panamanians are especially happy over the ongoing recent real estate boom, by far the largest bonanza in their nation's history.

According to Jose Boyd, President of the Real Estate Agents Association of Panama, there are an estimated 250 new skyscrapers under construction and applications for another 400 already have been filed.

''Panama was a well-kept secret. We are now breaking records,'' Boyd told El Nuevo Herald.

But amid the good-times and prosperity many are concerned about the kinds of problems that nearly always accompany these types of bonanzas.

There is talk of a lack of legal framework that can provide security for the sale and purchase of urban and rural real estate. Many are also concerned that the tide of money flooding into the country could be of dubious origin -- perhaps a product of money laundering and corruption.

A local lawyer linked to the real estate sector told El Nuevo Herald that Panama remains an ideal destination for money laundering due to the lack of controls.

''Airplanes arrive here filled with money that ends up in the banks. There is no need for sophisticated operations. It is the easiest method of laundering Money,'' said the lawyer, who asked to remain anonymous for his own safety.

'They are able to get the money in [the banking system] by paying bribes or `smurfing,' '' he said, referring to the practice of making multiple deposits of sums under $10,000 in different banks through hired hands known as Smurfs.

The lawyer who spoke with El Nuevo Herald also noted that the construction industry is among the most vulnerable to money laundering because developers are authorized to accept cash payments from investors.

The most recent U.S. State Department report on Strategy and Control of Narcotics agrees. ''The current boom of construction offers opportunities for money laundering,'' the report states, without offering any examples.

The report notes that the amount of money that passed through such businesses doubled from 2005 to 2006. Panama is on the the State Department's list of countries most vulnerable to money laundering.

Indeed, in the past five years Panamanians have witnessed the discovery of multimillion dollar investments here by powerful Colombian drug traffickers and their relatives trying to avoid authorities in Colombia and the United States. Some had few problems obtaining Panamanian citizenship and finding real estate to invest in.

''It seems that here we only know that narco-traffickers are part of the economy when the newspapers publish their arrests,'' said the real estate lawyer.

All that talk of dirty money is exaggerated, said a top government official involved in the fight against money laundering. In Panama, he told El Nuevo, ``everyone says but nobody proves.''

for Panama Real Estate visit: http://www.selectpanamarealestate.com

Panama Attorneys a list from the US Embassy

2008-03-17T13:51:00.000-07:00

below is a list of attorneys put together by the US embassy in Panama that we find to be very helpful for foreigners looking for qualified attorneys in Panama:

CONS

UNITED STATES EMBASSY PANAMA
CONSULAR SECTION

CONSULAR INFORMATION SHEETS
E-Mail: Panama-ACS@state.gov
LIST OF ATTORNEYS IN THE PANAMA CONSULAR DISTRICT
(Revised June 2007)

The Panama Consular District includes the entire Republic of Panama.

The United States Embassy at Panama assumes no responsibility for the professional ability or integrity of the persons or firms whose names appear on this list. They are, however, selected with care and persons or firms about whom justified complaints are received are removed.

The use of air mail postage for all correspondence is recommended. The rate for letters from the United States to Panama is 80 cents per 1/2 ounce. Registry and return receipt services are available.

The local Bar Association is the Colegio Nacional de Abogados, Apartado 8432, Panama 5, Panama, Tel. No. (507) 225-6371, 225-7466, Fax No. (507) 225-0189.
E-Mail address: info@cnapanama.com and cnapma@cwpanama.net

You can also access the Attorney’s list of the American Chamber of Commerce in Panama at www.panamcham.com

The names in this list are arranged in alphabetical order by last name.

ABOOD ALFARO, Alejandro A.: Born November 21, 1974 in Panama. Graduate of University of South Florida, University of Santa Maria, La Antigua and ULACIT. General practice: corporate, mergers & acquisitions, commercial transactions, contracts. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: aabood@arifa.com. Website: www.arifa.com.

AMAT, Octavio: Born September 28, 1947 in Panama. Graduate of the University of Panama. General practice: litigation, antitrust & competition, government permits, administrative. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: adeyearwood@arifa.com. Website: www.arifa.com.

ANGUIZOLA HERRERA, Rogelio E., Born October 9, 1928 at Chiriqui, Panama. Graduate of University of Panama. Admitted to bar in Panama in 1963. General practice: corporation, migration and administrative laws. Does not accept narcotic cases. Law Firm: Rogelio E. Anguizola, Abogados – Attorneys at Law. Mailing address: P.O. Box 0831-00399, Panama, Republic of Panama. Languages: English, Spanish. Telephone No.: 264-3794. Fax No. 269-6781. Cell Phone No.: 6672-2869. E-mail: reanguizola@cwpanama.net.

ANGULO ARAUZ, Rodolfo: Born July 9, 1949 in David City, Chiriqui, Panama. Graduate of the University of Panama and Tulane University in Louisiana, USA. General practice: civil, real estate, torts, commercial, corporate, labor, immigration. Does not accept narcotics cases. Law firm: Sanjur & Angulo. Mailing address: P.O. Box 0426-00555, David, Chiriqui, R.P. Languages: Spanish. Telephone No.: 775-4366/4073. Fax No.: 774-4072. Email: saanglaw@cwpanama.net.

APARICIO, Estif: Born September 10, 1970 in Panama. Graduate of the University of Panama and the University of Houston. General practice: securities regulations, banking/finance, mergers & acquisitions, media, communications, antitrust & competition. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: eaparicio@arifa.com. Website: www.arifa.com.

ARANGO, Ricardo M.: Born November 11, 1960 in Panama. Graduate of the University of Panama, Yale Law School and Harvard Law School. General practice: securities regulations, banking/finance, mergers & acquisitions, media, communications. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: rarango@arifa.com. Website: www.arifa.com.

ARAUZ RAMOS, Juan C.: Born June 23, 1978. Graduate of the University of Panama. General practice: penal, civil, immigration, real estate, maritime. Accepts narcotics cases. Law firm: Estudio Juridico Arauz. Languages: Spanish and English. Telephone No.: 263-8579. Email: juankarlos_a@cableonda.net. Website: www.estudioarauz.com.

ARIAS BERNAL, Tomas E.: Born December 29, 1974 in Chiriqui, Panama. Graduate of University of Santa Maria La Antigua. General practice: commercial, civil, administrative and family law. Does not accept narcotics cases. Law firm: Marré, Bernal & Associates. Mailing Address: P.O. Box 0823-04440 Panama. Languages: English and Spanish. Telephone No.: 263-7032. Fax No.: 223-8500. Cell Phone No.: 6672-4805. Skype ID: tomas.arias.bernal. Email: tarias@maberlaw.com.

ARIAS, Fernando: Born January 31, 1957 in Panama. Graduate of the University of Panama. General practice: corporate, offshore companies, trust & foundations. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: faa@arifa.com. Website: www.arifa.com.

ARROYO, Maria C.: Born January 7, 1958 in Panama. Graduate of the University of Panama. General practice: real estate, property, commercial transactions, contracts, banking/finance. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: mcarroyo@arifa.com. Website: www.arifa.com.

ASVAT, Ebrahim: Born June 8, 1955 in Panama, R. P. Graduate of Harvard University School of Law and University of Santa Maria La Antigua, Panama. General practice: corporations, commercial, privatization, ship finance, taxation, and tourism. Does not accept narcotics or criminal cases. Law firm: Patton, Moreno & Asvat. Mailing address: P.O. Box 0819-05911, Republic of Panama. Languages: Spanish, Gujurati and English. Telephone No.: 264-8044. Fax No.: 263-7887. Email: easvat@pmalawyers.com. Website: www.pmalawyers.com.

BERMUDEZ, Arnobio: Born February 6, 1942 at Panama, R. P. Graduate of University of Panama. General practice: penal, civil, immigration, environmental. Accepts narcotics cases. Alternate Notary Public. Law firm: Bermúdez, Fong y Asociados. Mailing address: P.O. Box 0816-00137, Republic of Panama. Languages: Spanish. Telephone & Fax No. 302-2887. Cell Phone No.: 6692-9691. Email: bermudezybermudez@hotmail.com.

BERROCAL, Manuel Jose: Born February 27, 1961 in Panama, R. P. Graduate of University of Santa Maria La Antigua, Panama, New York University School of Law. General practice: real estate, corporate, civil contracts, administrative, personal representation. Does not accept narcotics or criminal cases. Law firm: Bufete Berrocal, Attorneys at Law. Mailing address: P.O. Box 0823-01649, Panama, Republic of Panama. Languages: Spanish and English. Telephone No.: 260-1097. Fax No.: 260-1098. Emails: berrocal@berrocal.com.pa. Website: www.berrocal.com.pa

BOYD GALINDO, Mario: Born January 8, 1953 at Panama, R. P. Graduate of University of Panama. Admitted to bar in Panama in 1977. General practice: corporate, real estate, intellectual property, insurance, immigration. Does not accept narcotics cases. Law firm: Boyd, Galindo and Associates. Mailing address: P.O. Box 0816-02445, Republic of Panama. Languages: Spanish and English. Telephone No.: 225-1748. Fax No.: 225-3049. Email: mabogal@ihpanama.com.

BROWN CROSSDALE, Carlos P.: Born December 24, 1959 in Colon, Repubic of Panama. Graduate of the University of Peace. General Practice: penal, labor, civil, administrative, maritime, mediation/arbitration. Accepts narcotics cases. Law firm: Carlos Peter Brown Attorneys at Law. Mailing Address: Calle 11 Ave Santa Isabel and Roosevelt. Building No. 9078, Office No. 1. P.O. Box 0301-03079 Colón, R.P. Languages: Spanish and English. Telephone No.: 441-5310 or 441-1462. Cell Phone No.: 6635-4412. Email: cpeter1@latinmail.com.

CANDANEDO-NAVARRO, Rolando: Born October 16, 1946 at Panama R. P. Graduate of University of Chile. Admitted to bar in Panama in 1974. General practice: commercial, business, intellectual property, alternative dispute resolution, real estate, immigration. Handles collection cases. Does not accept narcotics or criminal cases. Law firm: Bufete Candanedo. Mailing address: P.O. Box 0834-01843, Republic of Panama. Languages: Spanish and English. Telephone No.: 213-0033. Fax No.: 264-2498. E-Mail address: rcn@bufetecandanedo.net. Website: www.bufetecandanedo.com.

CARDOZE, Fernando: Born October 11, 1937 at Panama, R. P. Graduate of Harvard Law School and the University of Madrid. Admitted to bar in Panama in 1963. General practice: banking/finance, corporate, mergers & acquisitions, taxation. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: fcardoze@arifa.com. Website: www.arifa.com.

CARDOZE, Rodrigo: Born January 4, 1978 in Panama. Graduate of Duke University and Washington University. General practice: securities regulations, banking/finance, mergers & acquisitions. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: rcardoze@arifa.com. Website: www.arifa.com.

CARRILLO BRUX, Maria J.: Born January 27, 1946 at Panama, R. P. Graduate of University of Panama. Admitted to bar in Panama in 1968. General practice: civil and commercial, administrative, penal, family, telecommunications law. Advises on Notary Services and Public Registry. Accepts narcotics cases. Law firm: Carrillo Brux y Associates. Mailing address: P.O. Box 0833-0197, Plaza Panama, Panama, Republic of Panama. Languages: Spanish and English. Telephone No.: 225-7070. Fax No.: 225-2268. Cell Phone No.: 6612-3406. Email: mcarrillo@carrillobrux.com. Web Site: www.carrillobrux.com

CARRIZO DIEZ, Jovana del Rosario: Born May 10, 1978 in Panama, R.P. General practice: corporate law, trademarks and inventions, international and national adoptions, immigrations, real estate. Does not accept narcotics cases. Law firm: Vieto Carrizo & Diez, Attorney’s at Law. Mailing Address: P.O. Box 00830-00309, R.P. Languages: English and Spanish. Telephone No.: 301-0146/301-0147. Fax No.: 301-0149. Email: jcarrizo@carrizolaw.com. Website: www.carrizolaw.com.

CARRIZO, Julissa: Born January 25, 1972 at Panama, R. P. Graduate of Latina University. General practice: civil, judicial, corporation, trademarks, patents, immigration, mercantile, penal, estates, adoptions, traffic accidents. Law firm: Carrizo and Associates. Mailing address: P.O. Box 3929, Panama 7, Republic of Panama. Languages: Spanish and English. Telephone No.: 263-2180. Cell Phone No.: 6613-2626. E-Mail address: julisa_c@hotmail.com or jrcarrizo@cwpanama.net.

CASTAÑON, Maria del Pilar.: Born April 4, 1965 in Basel, Switzerland. Graduate of Universitat de Barcelona and University of Santa Maria, La Antigua. Admitted to bar in Panama in 1991. General practice: immigration, corporations, real estate law, commercial. Does not accept narcotics cases. Law firm: Castañon and Associates. Mailing Address: P.O. Box 0831-02058 Paitilla, R.P. Languages: Spanish and English. Telephone No.: 213-3003 or 223-5644. Fax No.: 213-9728. Email: pilar@psi.net.pa.

CASTILLERO, Cecilio A.: Born January 6, 1938 in Herrera. Graduate of the University of Bourdeaux and the University of Madrid. General practice: litigation, commercial transactions, contracts, and corporate. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: mdecenteno@arifa.com. Website: www.arifa.com.

CASTILLERO, Gian: Born October 18, 1969 in Panama. Graduate of University of Santa Maria, La Antigua and London University. General practice: offshore companies, corporate, shipping. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: gcastillero@arifa.com. Website: www.arifa.com.

CASTILLERO, María del Pilar: Born December 11, 1962 in Panama. Graduate of Puerto Rican University and Northwestern University. General practice: banking/finance, corporate law, government permits, administrative. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: mpcastillero@arifa.com. Website: www.arifa.com.

COHEN, Sofía J.: Born October 2, 1961 in Panama. Graduate of the University of Santa Maria, La Antigua. General practice: litigation, commercial transactions, contracts, antitrust & competition. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: scohen@arifa.com. Website: www.arifa.com.

CORONELL MORAIS, Luis C.: Born June 11, 1958 in Colón, R.P. Graduate of University of Santa Maria La Antigua, Panama. Admitted to bar in Panama in 1982. General practice: patent and trademarks, anti-counterfeiting, family law, general practice, real estate, free zone law. Handles collection cases. Does not accept narcotics cases. Law firm: Luque, Coronell y Lam. Mailing address: P.O. Box 0302-00030, Republic of Panama. Languages: Spanish and English. Telephone/Fax No.: 441-6243. Email: lucorabogados@cwpanama.net. Website: www.luquecoronellylam.com.

CORRO, Juan F.: Born June 30, 1964 in Panama. Graduate of the University of Santa Maria, La Antigua. General practice: litigation, real estate, property, intellectual property, antitrust & competition. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: jfcorro@arifa.com. Website: www.arifa.com.

COSTARANGOS, Jorge: Born January 29, 1961 in Panama, R. P. Graduate of University of Santa Maria La Antigua in Panama; Latin American University of Exterior Commerce in Panama; University of Santiago in Santiago,Chile; American University in Washington, D. C. General practice: corporate, maritime, labor, investments, real estate and immigration. Handles collection cases. Does not accept narcotics cases. Law firm: Costarangos and Associates. Mailing address: P.O. Box 832-01241, World Trade Center, Panama, Republic of Panama. Languages: Spanish, English, French and Greek. Telephone No.: 269-9754/269-9753. Fax No.: 269-9755. Email: law@costarangos.com, Web site: www.costarangos.com.

CRESPO de Arias, Irma: Born December 27, 1954 in Panama, R. P. Graduate of University of Santa Maria La Antigua, Panama. General practice: confirmation law, trademarks and patents, immigration, international tax planning registration in Panamanian Flag. Does not accept narcotics cases. Law firm: Crespo Arias and Associates. Mailing address: P.O. Box 0831-02410, Paitilla, Panama, Republic of Panama. Languages: Spanish and English. Telephone/Fax No.: 270-0932. Email: crearpa@cwpanama.net.

DE ALBA, Cristina: Born September 21, 1977 in Panama. Graduate of Tulane University and Georgetown University. General practice: banking/finance, securities regulation, real estate & property. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English, French and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: cdealba@arifa.com. Website: www.arifa.com.

DE ALBA, Eduardo: Born January 19, 1950 in Panama. Graduate of Louisiana State University and Georgetown University. Genearl practice: mergers & acquisitions, commercial transactions, contracts, antitrust & competition, media/communications, corporate, taxation. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English, French and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: edealba@arifa.com. Website: www.arifa.com.

DE ICAZA RUIZ, Carlos E.: Born July 15, 1970 in Panama, R.P. Graduate of the University of Panama. Admitted to the bar in Panama in 1995. General practice: Labor, civil, commercial law, administrative and immigration. Does not accept narcotics cases. Law firm: Loaiza & de Icaza. Mailing address: P.O. Box 0819-01518, Panama. Languages: Spanish and English. Telephone No.: 279-0755. Fax No.: 279-0757. Email: lydilawyer@cwpanama.net.

DE LA FUENTE, Cristina: Born April 12, 1975 in Rio de Janiero, Brazil. Graduate of Tulane University, University of Amsterdam, University of Santa Maria, La Antigua. General practice: immigration, real estate, commercial, wills, business licenses, and trademarks. Does not accept narcotics cases. Law firm: Cristina de la Fuente Ozores, Attorneys at Law. Mailing Address: P.O. Box 0816-02049, Panama, R.P. Languages: English and Spanish. Telephone No.: 399-8383. Fax No.: 215-3062. Cell Phone No.: 6613-7414. Email: xtif@pa.inter.net or xtif@sinfo.net.

DE LA GUARDIA, Rogelio: Born January 26, 1957 in Panama. Graduate of the University of Panama and New York University. General practice: offshore companies, trust & foundations, corporate law. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: rdlguardia@arifa.com. Website: www.arifa.com.

DEL BUSTO, Luzmila: Born August 10, 1960 in Panama. Graduate of the University of Santa Maria, La Antigua. General practice: intellectual property and litigation. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: luzmiladb@arifa.com. Website: www.arifa.com.

DE WEVER, Lorena E.: Born February 15, 1978 in Colon, Panama. Graduate of the University of Panama. General Practice: human rights, administrative, civil, family, immigration. Does not accept narcotics cases. Law firm: Independent. Mailing address: 826 South, Apt. B, Chicago, Illinois 60612. Languages: Spanish, some English. Telephone No.: 312-625-5677. Email: lorenaedmondson@yahoo.com.

DOMINQUEZ, Lisa I.: Born March 12, 1967 in Panama. Graduate of the University Panama and the University of Notre Dame. General practice: mergers & acquisitions, securities regulation, litigation. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Website: www.arifa.com.

DURLING T., Carol: Born March 8, 1972 in Panama. Graduate of the University of Santa Maria, La Antigua, Salamanca University and the Universidad Pontifica Comillas de Madrid. General practice: intellectual property. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: cdurling@arifa.com. Website: www.arifa.com.

DURLING T., Roy C.: Born January 23, 1961 in Panama. Graduate of Georgetown University and Cornell University. General practice: shipping, commercial transactions, contracts, banking/finance. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: rdurling@arifa.com. Website: www.arifa.com.

ESQUIVEL, Edis: Born October 13, 1955 in Panama, R. P. Graduate of University of Panama. General practice: corporate, commercial, immigration, real estate, administrative, litigation. Does not accept narcotics cases. Law firm: Esquivel and Associates. Mailing Address: P.O. Box 0832-0960, World Trade Center, Panama, R. P. Languages: English and Spanish. Telephone No.: 269-7258. Fax No.: 269-7259. Email: esquiyas@pa.inter.net. Website: www.esquiyas.com.

FÁBREGA III, Julio J.: Born December 13, 1944 in Panama. Graduate of University of Panama. General practice: commercial transactions, contracts, taxation, government permits, administrative. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: jjfabrega@arifa.com. Website: www.arifa.com.

FÁBREGA L., Mario: Born April 22, 1965 in Panama. Graduate of the University of Houston and Universidad Javeriana. General practice: litigation and labor/employment. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: mariolf@arifa.com. Website: www.arifa.com.

FRAGUELA RUIZ, Elizabeth: Born July 3, 1954 at Panama, R.P. Graduate of the Universidad Complutense de Madrid, Spain and University of Panama. General practice: family. Does not accept narcotics cases or criminal cases. Law firm: Fraguela-Ruíz, Hoquee & Associates. Mailing address: P.O. Box 0831-02467, Paitilla, Panama, Republic of Panama. Languages: Spanish, some English. Telephone No.: 223-9126/223-5484. Fax No.: 223-5170. Email: info@frhlaw.com. Website: www.frhlaw.com.

GALINDO, Gabriel A.: Born September 6, 1941 in Panama. Graduate of Cambridge University. General practice: offshore companies, corporate, trust & foundation, banking/finance. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: ggalindo@arifa.com. Website: www.arifa.com.

GARCIA VAZQUEZ, Antonio: Born November 25, 1969 in Panama. Graduate of University of Santa Maria, La Antigua and University Latina. General practice: civil processes, commerce, governmental, immigration, title processes, reforestation. Does not accept narcotics cases. Law Firm: Garcia Campos and Associates. Mailing Address: P.O. Box 00710-0038. Calle Amado de Jesús Barrios, Las Tablas, Los Santos, Panama. Languages: English and Spanish. Telephone No.: 994-0504. Cell Phone No.: 6616-0026. Email: garciasierra@cwpanama.net.

GUERRA CABRERA, Nixia J.: Born September 30, 1978 in David, Panama. Graduate of Universidad Autónoma de Chiriquí. General practice: immigration, commercial, labor, administrative, civil contracts. Register public process. Does not accept narcotics cases. Law firm: Nixia Guerra, Attorney at Law. Mailing address: Entrega General, Boquete, Chiriquí, R.P. Languages: English and Spanish. Telephone No.: 6667-7197. Email: nixiaguerra30@hotmail.com or nixiaguerra30@yahoo.es.

HOLNESS, Vivian: Born July 26, 1979 in Panama. Graduate of University of Panama. General practice: labor & employment, litigation. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: vholness@arifa.com. Website: www.arifa.com.

LEMACKS ARROCHA, Ronnie: Born May 7, 1974 in Panama, R.P. Graduate of Universidad Latina. General practice: aviation law, commercial law, civil process, real estate, corporation. Does not accept narcotics or criminal cases. Law firm: Romack Services S.A. Mailing address: P.O. Box 0832-0841 WTC, Panama, Republic of Panama. Languages: Spanish and English. Telephone/Fax No. 238-3685. Cell Phone No.: 6674-6932. Email: rlemacks@cwpanama.net or rmk_services@cwpanama.net.

LOAIZA, Jorge: Born August 19, 1966 in Panama. Graduate of the University of Santa Maria, La Antigua. General practice: shipping, corporate, offshore companies. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: jloaiza@arifa.com. Website: www.arifa.com.

LOO RIOS, Evans Alberto: Born November 27, 1944, in Panama. University of Panama, UNIEDPA, Instituto Didactico de Derecho, Mexico. General practice: commercial litigation, corporate, real estate. Law Firm: Loo, Zavala & Associates. Mailing address: P.O. Box 0816-01811, Republic of Panama. Languages: English and Spanish. Telephone No.: 264-2791. Fax No.: 264-2779. Email: oficinalegal@pa.inter.net or evansloo@cantv.net. Web Site: www.evansloo.20fr.com.

MARTINELLI, Ileana del C.: Born March 7, 1959 in Panama. Graduate of the University of Santa Maria, La Antigua. General practice: intellectual property and litigation. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: ileanam@arifa.com. Website: www.arifa.com.

MATA, Lourdes Pitti de: Born October 9, 1954 in Chiriqui, Republic of Panama. Graduate of University of Panama and Universidad Complutense, Madrid, Spain. General practice: immigration, maritime litigation, ship registration, commercial, and corporation. Translates legal documents. Does not accept narcotics or criminal cases. Law firm: Mata & Pitti. Mailing address: P.O. Box 0823-01310, Republic of Panama. Languages: Spanish and English. Telephone No.: 264-5931/5570. Fax No.: 264-6127. Email: fmata@matapitti.com or lourdes@matapitti.com. Website: www.matapitti.com.

MAUAD OREJ, Jose: Born March 12, 1933 in Panama, R. P. Graduate of Columbia Law School, N.Y and University of Panama. Admitted to bar in Panama in 1963. General practice: trade/business, corporate, international trade, regulatory matters, banking/insurance, immigration, labor, commercial. Does not accept narcotics or criminal cases. Law firm: Mauad & Mauad. Mailing Address: P.O. Box 0823-05791, Panama 7, Republic of Panama. Languages: Spanish and English. Telephone No.: 269-3555. Fax No.: 263-8804/264-5741. Email: jmo@mauad.com.pa or mym1@mauad.com.pa. Website: www.mauad.com.pa.

MOLINA, Rodrigo Julio: Born Oct. 6, 1961 in Panama, R. P. Graduate of University of Panama. Admitted to bar in Panama in 1986. General practice: immigration, corporate, tourism, banking, investment and real estate. Does not accept narcotics cases. Law firm: Molina & Co. Mailing address: P.O. Box 0823-03979, Republic of Panama. Languages: Spanish and English. Telephone No.: 223-9348 or 269-6500. Fax No.: 269-9611. Email: rjm@moliasoc.com. Website: www.panamaoffshorecenter.com.

MOLINA ORTEGA, Rodrigo J.: Born Oct. 15, 1955 in Panama, R. P. Graduate of University of Panama and Tulane University School of Law. Admitted to bar in 1986. General practice: corporate, immigration, real estate, mercantile law, arbitration and mediation. Does not accept narcotics cases. Law firm: Rodrigo Molina Ortega and Associates. Mailing address: P.O. Box 0832-2562 WTC, Panama, Republic of Panama. Languages: Spanish and English. Telephone No.: 223-5744. Fax No.: 265-2127. Cell Phone No.: 6672-3215. Email: rodrigo@rodmolaw.com. Website: www.rodmolaw.com.

MORALES RODRIGUEZ, Guillermo E.: Born December 4, 1956 in Panama, R. P. Graduate of University of Panama. General practice: civil, commercial, administrative, penal, family, telecommunications. Provides notary services and Public Registry. Accepts narcotics cases. Law firm: Carrillo Brux & Associates. Mailing address: P.O. Box 0833-0197, Plaza Panama, Panama, Republic of Panama. Languages: Spanish and English. Telephone No.: 225-7070. Fax No.: 225-2268. Cell Phone No.: 6612-5107. Email: gmorales@carrillobrux.com. Website: info@carrillobrux.com.

MORENO VASQUEZ, Yuri A.: Born December 18, 1963 in Panama, R. P. Graduate of University of Santa Maria La Antigua, Panama. General practice civil, corporations, business law, real estate, commercial and immigration. Does not accept narcotics or criminal cases. Law firm: Moreno, Vasquez y Associates. Mailing address: P.O. Box 0831-01254, Panama, Republic of Panama. Languages: Spanish and English. Telephone No.: 264-5323/2235. Fax No.: 264-6641. E-mail address: morenovas@movistar.com.pa.

MORGAN GONZALEZ, Juan D.: Born April 6, 1942 in Chiriqui, R.P. Graduate of Yale Law School. General practice: business law, commercial, corporate, contracts and international law. Does not accept narcotics cases. Law firm: Morgan y Morgan. Mailing address: P.O. Box 0832-00232, Republic of Panama. Languages: French, Italian, Spanish and English. Telephone No.: 265-7777. Fax No.: 263-9728/265-7700. Email: jdmor@morimor.com. Website: www.morimor.com.

NORIEGA, José A.: Born January 3, 1932 in Panama. Graduate of the University of Chile and the University of Paris. General practice: business, international contracts, banking, corporation admirality, arbitration, and legal opinions. Does not accept narcotics cases. Law firm: Arosemena Noriega & Contreras. Mailing Address: P.O. Box 0816-01560, Panama 5, R. P. Languages: English, Spanish and French. Telephone No.: 264-3411/213-0300. Fax No.: 264-4569/223-2133/263-8539. Email: jnoriega@anorco.com.pa. Website: http://www.anorco.com.pa

PAREJA RESTREPO, Carolina: Born April 7, 1983 in Panama City, R.P. Graduate of la Universidad Latina. General practice: immigration, corporations, private interest foundations, real estate, civil, banking. Does not accept narcotics cases. Law firm: Estudio Juridico Arauz. Languages: Spanish and English. Telephone No.: 263-8579. Cell phone No.: 6618-5863. Email: carolina@estudioarauz.com. Website: www.estudioarauz.com.

PATTON, Brett: Born February 19, 1951 in Los Angeles, California, U.S.A. Graduate of Loyola University and Tulane University. Admitted to bar in Panama in 1981. General practice: aviation and aviation finance, corporations, commercial, shipping and ship finance and trusts. Does not accept narcotics or criminal cases. Law Firm: Patton, Moreno & Asvat. Mailing Address: P.O. Box 0819-05911, Republic of Panama. Languages: Spanish and English. Telephone No.: 264-8044. Fax No.: 263-7887. Email: bpatton@pmalawyers.com. Website: www.pmalawyers.com.

PERALTA L., Carla E.: Born December 22, 1983 in Panama, R.P. Graduate of the University of Santa Maria, La Antigua. General practice: comercial and maritime law. Does not accept narcotics cases. Law firm: Panama Maritime Lawyers. Mailing address: P.O. Box 0834-02764 Zone 9ª, Panama. Languages: English and Spanish. Telephone No.: 315-1104/1143. Fax No.: 315-1671. Email: carlaepl@gmail.com or carla@panamamaritimelawyers.com. Website: www.intermaritimeservices.com.

PEREZ CALDERON, Malva R.: Born June 14, 1958 in Havana, Cuba. Graduate of University of Panama, Panama and the University UNIEDPA in Panama. General practice: commercial international, immigration, penal, labor, civil, family. Accepts narcotics and criminal cases. Law firm: Independent. Languages: Spanish and some English. Telephone No.: 223-0702. Fax No.: 221-8340. Cell Phone No.: 6501-5280. Email: legalperez@hotmail.com.

PIERCE, Michael: Born on July 8, 1942 in Nebraska, U.S.A. Graduate of the University of Nebraska. General practice: criminal, domestic actions, taxation, civil, maritime, admiralty, corporations, labor. Not licensed to practice in Panama; available for consultation and legal advice but cannot represent persons in court. Accepts narcotics cases. Law firm: US Law Offices of Michael C. Pierce. Mailing address: PTY # 3234, Box 025724, Miami, Fl 33102 or PTY # 3234, Box 0843-03073, Panama. Languages: Spanish and English. Telephone No.: 260-8619/236-2480. Fax No.: 236-2880. E-Mail: pierce@sinfo.net.

PRECIADO, Jose A.: Born October 8, 1963 in Panama City, Panama. Graduate of the University of Santa Maria, La Antigua and The American University Washington College of Law. Admitted to bar in Panama in 1987. General practice: banking, real estate, business, mergers & acquisitions, contracts, and franchising. Does not accept narcotics cases. Law firm: Fabrega, Molino and Mulino. Mailing Address: P.O. Box 0816-00744, Panama, R.P. Languages: English and Spanish. Telephone No.: 301-6600. Fax No.: 264-0181. Email: preciado@fmm.com.pa. Website: www.fmm.com.pa.

QUINTERO, Anahi: Born September 8, 1970. Graduate of Latin American University. General practice: commercial, corporate, foundations, immigration. Does not accept narcotics cases. Law Firm: Carrizo & Associates. Languages: English and Spanish. Telephone/Fax No.: 263-2180. Cell Phone No.: 6651-8163. Email: anahiquinterobelda@hotmail.com.

SANJUR PINZÓN, César E.: Born January 14, 1944 in David City, Chiriqui, Panama. Graduate of the University of Panama. General practice: civil, real estate, tort, commercial, corporate, labor, immigration. Does not accept narcotics cases. Law firm: Sanjur & Angulo. Mailing address: P.O. Box 0426-00555, David, Chiriqui, R.P. Languages: Spanish. Telephone No.: 775-4366/4073. Fax No.: 774-4072. Email: saanglaw@cwpanama.net.

SANJUR ARAUZ, Ricardo V.: Born September 19, 1974 in David City, Chiriqui, Panama. Graduate of the University of Santa Maria, La Antigua and Latinamerican University of Science & Technology. General Practice: civil, real estate, torts, commercial, corporate, labor, immigration. Does not accept narcotics cases. Law firm: Sanjur & Angulo. Mailing address: P.O. Box 0426-00555, David, Chiriqui, R.P. Languages: Spanish. Telephone No.: 775-4366/4073. Fax No.: 774-4072. Email: saanglaw@cwpanama.net.

VIETO, Eduardo: Born August 2, 1975 in Mexico City. Graduate of Latin American University of Science and Technology. General practice: adoption, foreign investments, panama corporations, real estate, immigration and ship registry. Does not accept narcotics cases. Law firm: Vieto Carrizo & Diez. Mailing address: 00830-00309. Languages: English, Spanish, some Italian. Telephone No.: 301-0146. Fax No.: 301-0149. Cell Phone No.: 6675-3039. Email: evieto@carrizolaw.com. Website: www.carrizolaw.com.

WATSON III, Leroy W.: Born November 2, 1947 in Panama. Graduate of Tulane University and Emory University. General practice: commercial transactions, contracts, mergers & acquisitions, trusts & foundations. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: lww@arifa.com. Website: www.arifa.com.

WEEKES LEACOCK, Walter E.: Born December 10, 1939 in Panama. Graduate of the University of Panama. General practice: immigration, criminal, commercial, civil, labor and family. Does not accept narcotics cases. Law firm: Law office of Walter Weekes. Mailing address: P.O. Box 0815-01132, Panama Zone 4, R.P. Languages: English and Spanish. Telephone No.: 221-9164. Cell Phone No.: 6625-3440. Email: wweekes10@hotmail.com.

WOLF, Mara: Born May 9, 1970 in Panama. Graduate of the University of Santa Maria, La Antigua. General practice: government permits and administrative. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: mwolf@arifa.com. Website: www.arifa.com.

ZÚÑIGA, María del C.: Born November 7, 1952 in Chiriqui, Panama. Graduate of the University of Panama and Université de Droit D’Economie et des Sciences D’aix – Marseille. General practice: labor/employment, immigration, commercial transactions, contracts. Does not accept narcotics cases. Law firm: Arias, Fabrega & Fabrega. Mailing address: P.O. Box 0816-01098, Panama, R.P. Languages: English and Spanish. Telephone No.: 205-7000. Fax No.: 205-7001/7002. Email: mcauniga@arifa.com. Website: www.arifa.com.

for Panama Real estate visit http://selectpanamarealestate.com

you can download a pdf version of it at:

http://www.selectpanamarealestate.com/Panama/Attorneys List-June2007.pdf

Panama Real Estate continues Growth

2008-03-17T06:02:00.000-07:00

Panama's Real Estate market continues to experience growth as mentioned in an article in todays Prensa . The municipality of Panama has informed that it has approved $23Million dollars in construction permits. New investments and new grants in permits, as well as new real estate companies indicate that the real estate market in panama is indeed growing and maintaining an unprecedented growth.

read about it in todays prensa on this link: http://prensa.com/hoy/panorama/1297625.html
108/03/17 or see below for the spanish version.

Auge inmobiliario sigue en Panamá

El Municipio de Panamá informó que recaudó un millón 23 mil dólares en permisos de construcción.

LA PRENSA/David Mesa

Entre enero y febrero se cobró 72.3% más que en 2007.999320

Mario A. Muñoz

Nuevas inversiones, más recaudaciones en permisos y más empresas de bienes raíces demuestran que la vitalidad del auge de la construcción continuará en 2008.

El Municipio de Panamá informó que recaudó en permisos de construcción un millón 23 mil dólares en enero y febrero, un aumento del 72.3% en comparación con el mismo período de 2007.

La Asociación de Corredores de Bienes Raíces (Acobir) está en plena expansión, ya que abrirá un capítulo en la provincia de Chiriquí y ha juramentado a 10 nuevos miembros, que incluyen a Motta Real Estate y The Eisenmann Companies.

José Boyd, presidente de Acobir, señaló que la bonanza recién comienza.

El Consejo Nacional de Promotores de Vivienda dijo que prevé invertir 668.7 millones de dólares, 35.8% más que en 2007.

for panama real estate and investment properties visit: http://selectpanamarealestate.com

Panama's Economy Grows similiar to China's Rate

2008-03-08T06:34:00.002-08:00

Not only is Panama's economy register the highest growth in the region, but recorded one of the highest growth in the world. Panama's economy grew 11.2% last year very close to China's growth of 11.4% . In today's La Prensa in this article it mentions that the GDP of Panama along with private consumer index is directly related to the fixed capital investments in Real Estate, Commerce, private and public infrastructures.

You can access the article on this link: http://prensa.com/hoy/negocios/1288143.html
108/03/08 or read about it in spanish below:

Economías de Panamá y China crecen a ritmo similar

Marianela Palacios Ramsbott

El crecimiento que registró la economía de Panamá en 2007, de 11.2%, no es solo el más alto que ha registrado el país en los últimos 27 años y el más alto de toda América, sino uno de los más altos del mundo. El año pasado crecimos a un ritmo similar al de China, que fue 11.4%.

Y no solo hay un paralelismo en cuanto a la tasa de crecimiento anual, sino en cuanto a que el consumo privado doméstico, las inversiones en capital fijo (vivienda, comercio e infraestructuras públicas y privadas), el flujo de capitales foráneos y el crecimiento de las exportaciones son los principales motores del desempeño económico de ambos países, según analistas de la firma de consultoría Indesa.

La expansión que tuvo el producto interno bruto (PIB) panameño el año pasado fue superior a la de todos sus vecinos centroamericanos; a la de los países que lideran el ranking suramericano, como Venezuela, Argentina y Colombia, que oscilaron entre 8% y 9%; e incluso a la de tigres asiáticos tan competitivos como Singapur (7.5%) y Taiwan (4.4%).

El vocero del Banco Mundial en Panamá, Frederic de Dinechin, destacó que solo un puñado de países en el mundo han crecido por encima de 11% en los últimos tres años y que aunque no se espera que la economía panameña mantenga el mismo ritmo en 2008, tendrá un fuerte desempeño gracias a la ampliación del Canal, a la progresiva liberación del comercio y al excelente clima de negocios e inversiones que se mantiene.

For Panama Real Estate and Property Investments in Panama visit: http://selectpanamarealestate.com

Panama Approves 48 New Hotels

2008-03-03T05:52:00.000-08:00

The IPAT approved 48 New Hotel Proyects in Panama for a total investment of 664.35 Million Dollars. That means Panama will have 7,741 New Rooms for a total 24,000 rooms by 2010. In an article in La Prensa today (March 3, 2008) you can read the article for more details in spanish at:

In case you cannot access the page, here is the article in spanish:

Ipat aprobó 48 proyectos hoteleros el año pasado

El monto total aprobado de las inversiones asciende a 664.35 millones de dólares.

Panamá contará con 7 mil 741 nuevas habitaciones, cuando estos proyectos estén finalizados.
LA PRENSA/Carlos Lemos
desarrollo. La ciudad de Panamá será la sede de la mayoría de los hoteles que fueron aprobados en 2007. 992434
Roberto González Jiménez
rgjimenez@prensa.com

El Instituto Panameño de Turismo (Ipat) aprobó el año pasado 48 proyectos hoteleros en todo el país. Y según un informe de esa entidad al que tuvo acceso La Prensa, el monto de inversiones hoteleras autorizado asciende a 664.35 millones de dólares (ver tabla).

Esos nuevos hoteles traerán al país 7 mil 741 habitaciones y permitirán incrementar la capacidad hotelera actual, que ha sido ampliamente rebasada por la demanda.

De acuerdo con el Ipat, el proyecto que más habitaciones aportará será Megápolis, con 3 mil 145 habitaciones. Este complejo será desarrollado bajo el formato de condo-hotel, mediante el cual los propietarios pueden ceder sus viviendas para uso hotelero.

La mayor inversión será la del proyecto Cristal Tower, en ciudad de Panamá, con un monto de 170 millones de dólares.

Esta torre, que estará ubicada en la Avenida Balboa y será desarrollada por la empresa española Gesmar, contará con hotel y residencias.

La segunda mayor inversión será la del Hotel Balboa Park, con 90 millones de dólares. Este centro de hospedaje dispondrá de 112 habitaciones.

En lo que se refiere al número de empleos, se calcula que estos nuevos actores en el mercado generarán 2 mil 883 empleos directos, siendo el más destacado el hotel Nikki Beach Playa Blanca, en Coclé, con 600 empleos.

La mayor parte de los proyectos (29) se concentra en la provincia de Panamá; mientras que para el resto del país se han aprobado 19, con Bocas del Toro a la cabeza del desarrollo turístico (7).

Panama Islands: Investment Opportunity

2008-02-13T10:08:00.000-08:00

Panama Islands: Investment Opportunity

Author: Rudy Estripeaut

In a recent article posted on the Select Panama Real Estate Site, Rudy Estripeaut discusses the investment opportunities in Panama. Panama has been rated as the best retirement spot in the world and is currently experiencing an unprecedented Real Estate Boom. To find out more read the full article below or visit the article source at Island Investment Opportunity.

Panama Islands – Investment Opportunities

Panama offers some incredible investment opportunities for the developer wanting a large piece of land to construct a resort or for the individual just looking for a piece of paradise to construct a little shangri la. With an abundance of natural beauty, panama is as diverse as its people and birds, with two oceans, miles of beaches, cool fresh highlands, panama has always been the "puente del mundo, corazon del universo", meaning "bridge of the world, heart of the Universe". That has always been the case, only that in the eyes of many foreigners, Panama was a stopping point to drug lords, and home to dictators, and yes that was the case in the 70's and 80's but they are far gone and now Panama enjoys a stable economy, dollar based, modern day luxuries, and it is a country of very friendly people.

International living has continuously rated Panama as the best retirement spot in the world and rightly so, when foreigners come here they experience the Panamanian warmth of its people and its culture, with so many fun loving people and so many places to see and visit. Just 20 minutes by ferry there is Taboga Island, the Island of Flowers, a small quaint fishing village with no cars, no hassles, no stress, the quaint little town has few boutique hotels, and a few nice beaches but it is just walking around it that you capture the essence if this idyllic little town, with its aromas of gardenias, and locals cooking guandu, and the fresh salt water, you feel like you are in some small island in Italy or Greece.

From there you can fly or go by boat to the famous Pearl Islands, where survivor has filmed their episode many times over since its many pristine islands allow for world class settings. These islands are one of the most beautiful islands in the world, with Isla del Rey, Contadora, Saboga, Bollarena, Bartolome, Casaya, Punta Cocos, and Viveros Island Pearl Island. With white-sand beaches, lush palm-tree forests, five-start restaurants and a Jack Nicklaus Signature Golf Course, this dreamland offers everything your heart desires...and then some - including boutique shops, a fully service marina and even a private airstrip. From watching the sun set over the Pacific in a swaying hammock to chartering a luxury craft through the wondrous Pearls, the rewards that come with seizing this once-in-a-lifetime opportunity are endless. What’s more: Residents can choose from five distinct home models. So where you can crave the artistic look of Mexico, the elegance of Italy, or even the modernity of Miami, your architectural wish is met. And with all lots overlooking the water, the views are as spectacular as the designs.

Panama has so much to offer! and now that panama is experiencing an unprecedented Real Estate Boom it is a great time to invest in Panama, we offer foreigners wishing to invest in panama, advice and show them idyllic property in panama for development or for private use. We have helped many foreign investors find property in Pedasi, Azueros, Rio Hato, El Valle, Casco Viejo and more.

f you wish to contact us call us toll free in the US at: 877.446.5092 or visit our website at www.selectpanamarealestate.com We look forward to seeing you in Panama sometime soon!

Select Panama Real Estate Launches New Website

2008-01-30T06:09:00.000-08:00

Select Panama Real Estate Announced Monday the launch of its new website http://selectpanamarealestate.com. Select Panama Real Estate website will feature Panama Real Estate including Panama City properties, Beach Properties and Mountain Properties. Select Panama Real Estate promises to be the best “Choice” in Panama Real Estate. As their site mentions:

Select Panama Real Estate

Select Panama Real Estate is a boutique Real Estate Agency based in the World Trade Center in Marbella, Panama. Our objective is to maintain a high standard of quality and professional service to our clientele by providing an unsurpassed service that that our clients can depend on.We have combined our networking, experience, knowledge, and technology in order to help you gain maximum efficiency and achieve that competitive advantage that you deserve in Panama. We have designed solutions for a range of services in Panama, including a full gamut of Real Estate Services, including Legal Consulting, Formation of Corporations, all geared to make your investment in Panama a positive experience.

We invite you to browse through our website and review just a few of our “Choice” properties and to give us the opportunity to serve you. Please feel free to contact us at anytime, for anything that you may need assitance with in Panama, we are here to serve you!

We send out our congratulations to the Staff of Select Panama Real Estate for a job well done and wish them the best of luck in their endeavors

Panama's Best of 2007

2008-01-21T06:36:00.000-08:00

An article published on Panama’s Investors Blog goes over the best changes that occurred in Panama in 2007. It touches on everything from the Canal to real estate prices to pollution.

For the full article see www.primapanama.blogs.com

Or read it below:

Panama's best of 2007

I have wanted to write a story like this all month, but just have not had the time. Fortunately my friend Casey Holleran took the time to write it and covered everything that I would have plus a few items I had have forgotten.

Panama enjoyed remarkable growth in both tourism and foreign real estate investment in 2007 . This boom established that Panama, previously known only for its Canal, could be a viable threat to Costa Rica’s position as market leader in those sectors. 2007 saw many of ups and downs for Panama, but mostly ups (real estate prices, pollution in the Bay of Panama, costs of living, Noriega’s middle finger). Here is a recap of what I believe to be the most significant stories ‘07:

THE BEST

1. Canal Expansion & Free Trade Agreement Approved
Most folks would agree, whether they loved or hated it, that the Canal Expansion approval was the biggest event in Panama news in 2007. Panama made international headlines worldwide before, during, and after the approval process. Along with the approval came promises of new jobs, political favors of unprecedented sums and the beginning of a new era of international trade in Panama. The second biggest political vote was probably the Free Trade Agreement. Both these events secured Panama’s place at the table of world trade for decades to come.

2. Real Estate Boom
Panama benefited from a “perfect storm” of economic, political and intangible factors that led to a mind blowing real estate boom in 2007. Thanks in part to a lot of hype, the Canal Expansion and free trade agreements, an overpriced neighbor (Costa Rica) a fizzling U.S. housing market and wealthy Venezuelan exiles, Panama’s real estate prices went from geek to chic in 24 months.

3. Noriega Extradited
Among the many potential party poopers of Panama’s economic boom, none loomed so large as the threat of Noriega’s return. One could almost hear the collective sigh of relief among the investment community when Noriega’s triumphant return was thwarted thanks to a U.S. ruling that sentenced him to a lifetime of stale baguettes in France.

4. Costa Rica: Expensive & Less Safe
Many media references in 2007 reported (true or otherwise) the increasing costs of real estate in Costa Rica, along with the increase in crime in 2007. This was just one of the many factors that have assisted in permitting Panama to sneak onto the short list of offshore investment and retirement destinations in Latin America.

5. Panama’s (almost) Famous
First Brad Pitt and Angelina dropped in for a visit, then Mel Gibson. This was followed by rumors of other one-name superstars like Arnold, Mel and Mick scouting for beach property. The topper was an end-of-year announcement that the new installment of 007 was to be filmed suddenly gave Panama star power. I’ll keep my eyes peeled for Don Cheadle in ‘08.

For information on Panama Real Estate visit www.panama-experts.com

Real Estate Brokers Streamline Transactions

2008-01-18T07:36:00.000-08:00

In a recent article published in The Visitor Panama 2 members of Panama’s Offshore Legal Services discuss the importance of using a licensed real estate broker to purchase properties or homes in Panama. This is due to the many different types of properties available to purchase along with the different terms of transactions that go along with each property. From their past experiences only a licensed real estate broker can know all the true procedures to purchasing property in Panama.

To read the full article access the article at this link: www.thevisitorpanama.com

Or please see below if you are unable to fallow the link:

Smart move – Be safe
Real estate brokers streamline transactions

By: Manoj Chatlani, Senior Attorney and Steven Rich, Marketing Manager
Panama Offshore Legal Services

Years of experience with real estate transactions in Panama have taught us to beware of clients who go directly to property owners to "make a better deal". Some of our clients thought they were getting a "better deal" until they realized that it was the worst thing they could ever do. Misunderstandings and confusion occur in the "simplest" transactions because in Panama it is not easy to "just define the price and that’s it".

A property transaction in Panama involves a lot of negotiation and the interests of both parties must be protected by a proper definition of all terms and conditions involved in the deal. This is why we recommend to always use a licensed real estate broker.

It is very important that your licensed broker be capable and experienced in the type of property you are interested in purchasing. There are various kinds of properties with each type requiring specific knowledge and involving different procedures. For example:

• Pre-construction condo vs. existing condo,
• City house vs. gated community house,
• Farm/land vs. empty lot,
• Hotel vs. commercial building,
• Title vs. rights of possession vs. concession properties,
• Commercial office space vs. apartments

Only a professional broker can know all the required terms to negotiate, define and transmit the "agreed" terms to your lawyer to prepare the respective contract. In Panama, lawyers do not negotiate the required terms. Lawyers perform due diligences, draft contracts and coordinate signatures and closings. It is very important that your broker clarify with both parties all terms required in a transaction in order to avoid misunderstandings, for example:

• It is very important to clarify which party pays the taxes to the government (which should be the seller). There have been cases of sellers forgetting to calculate the taxes to include in the selling price to arrive at the net amount that they expect to receive. When they realize that they have to pay the taxes because this was not clarified at the beginning, problems occur with sales price adjustments during the transaction;
• It is essential that the land or lot be measured and boundaries be verified and updated. This avoids misunderstandings regarding the land area being sold;
• It should be established that the closing must take place with payment through a "promise to pay letter" from a licensed bank in Panama. This is the best way to secure a transaction and protect both parties;
• The buyer should be informed of the different methods and options to purchase land in Panama. There are different benefits and advantages. For example, you can buy through a corporation (making the corporation the property owner) and gain lots of benefits such as anonymity, security, flexibility, and most importantly limited personal liability. Alternatively, buy in your personal name that allows qualifying for a specific immigration visa/residency program (depending on the purchase price).

So remember, if you are planning to sell or buy a property in Panama, make sure you have a competent licensed real estate broker to guide you from beginning until end of your transaction.

In the next edition, we will present a number of tips for buying and/or selling property in Panama.

For more information on Panama Real Estate please see www.panama-experts.com