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Picking up where 2006 left off, 2007 has been another strong year for building in Panama. Continued strength in the residential Panama real estate market has also translated to growth in commercial Panama property. This trend is evident as Nikki Beach, a famous Florida resort chain, has begun building in Panama with the purpose of bringing Miami to Panama real estate.

Already a strong international influence, Nikki Beach possesses facilities in Miami and Hollywood in Florida, New York City, Saint Bartholomy in the Caribbean, Cabo San Lucas and Puerto Vallarta in Mexico, Marbella in Spain, Sardinia and Saint Tropez in the Mediterranean and in Morocco. As early as the end or 2007 or early in 2008 you will be able to add Panama to that list as two developments valued at a combined total of $90,000 are joining the Panama real estate boom.

Nikki Beach's presence may signal the attraction of Panama to a new demographic. While Panama has traditionally been an attractive destination for retirees and tourists, the concept of Nikki Beach is quite distinct from these other groups and is more attractive to a young, hip crowd. Nikki Beach is caters to an exclusive club: these resorts are frequent hangouts for the "Hollywood crowd", typically visited by the young, rich and famous. These people with purchasing power and can afford to have a good time in an exotic, unique environment.

This change may coincide what Panama City's condo boom has been saying; while the retirement and tourist markets are important, there is a large, untapped group of nouveau riche that have money to spend and enjoy doing that in tropical locations like Panama. This trend would only continue to elevate the status of Panama tourism and bring added stature to Panama's world standing.

Nikki Beach's three new Panama properties include:

This project includes a total investment of $60 million over its three stages. The project will be located in Playa Blanca and possess a Polynesian style residential community, including a 100-room condo hotel and resort. The first phase of construction was to start in January 2007 and be completed by the end of the year.

The second project is to be located between the Yacht Club and the upcoming Ghery Museum. This is scheduled to be a $30 million project. The Panama Canal Hotel & Spa will be another luxury location for Panama City and construction was to begin mid-2007.

Nikki Beach is exclusive property of Michael Penrod and his family with only limited strategic alliances with local investors. In addition, the family owns a magazine, music division, clothing line and television station. Penrod has seen in Panama an "international environment" and believes that Nikki Beach will complement those characteristics. His aspiration is to make "something big" in Panama, such as celebratory parties for film or fashion festivals, such as those in Cannes and Venice.

No matter what is in store for the future, it is easy to see that Nikki Beach is definitely bringing Miami to Panama real estate.