You are here :: Panama Real Estate » About-panama » Cinta-costera-progress

In late 2007 Panama began the long awaited construction of a coastal strip along Avenida Balboa, the main avenue on the Bay of Panama. This is the Cinta Costera project in Panama. Heavy equipment moved in, fences went up and men went to work dumping rock and gravel along the shoreline. Almost a year later storm sewers have been extended out to the bay and the bay filled in for a hundred yards from the old shoreline. Crews are working day and night with the hope of finishing the $180 Million USD project by the end of President Martin Torrijos’ term next year.

The Cinta Costera project is nearing completion. Trees are being planted and parking lots are in the making. However, the companion project of road improvements on Avenida Balboa along Panama Bay will continue. Overpasses lead into future parking areas on the filled-in bay and there is a lot more to do. It remains to be seen just how much green there will be in the final “green strip” along Panama Bay that was envisioned by planners several years ago.

One does not see much in the press anymore about more parkland and less parking lots on Panama Bay although La Prensa carried a number of articles some months back. It would appear that the die is cast on the final shape of the Cinta Costera construction project.

Any improvement of traffic on Avenida Balboa will be welcome as will overpasses for pedestrians used to dodging cars to cross the road. Those with a view of the construction will need to find something else to watch when the construction equipment is taken away.

Panama Projects

The Cinta Costera is not the only construction project in town. Despite the world economic crisis Panama’s construction boom goes on unabated. Bidding for the locks for the “third lane” of the Panama Canal Expansion will be completed in March of 2009. The interoceanic highway between Panama City and Colon continues. Unlike the USA there are not any closed down construction projects lacking construction loans. People are still working, paying bills, and buying real estate.

Panama real estate is still a great investment. In fact, as the high end of the real estate market takes a pause, this is probably the time to look for a deal on that 30th floor condo on the Bay of Panama overlooking the the last of the Cinta Costera construction.

Panama’s small business community is thriving, especially since improved credit laws have helped as many as 300,000 small businesses get credit more easily. Commercial real estate offers great opportunities for the wise such as construction and leasing of office, retail, and warehouse space.

If owning real estate along the Cinta Costera interests you come to see us at ABPanama. We deal in both residential and commercial real estate as well as rentals. ABPanama has over 23 years experience managing real estate portfolios and can help you target the commercial real estate investment of your dreams.