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A combination of tourism and business traffic in and out of Tocumen International Airport rose nearly twenty percent in 2008. According to airport figures a third of passengers used Tocumen as a hub, thus passing through whereas two thirds stayed in Panama.

Panama Real Estate and an Airport Hub

Panama’s Tocumen International Airport has expanded over the last few years and is successfully positioning itself as a hub airport for the Americas. COPA, Panama’s flag carrier, has increased destinations in North, Central, and South America. It is our belief that more air traffic through Panama also leads to more air traffic that stays in Panama.

The number of foreign investors in Panama business and real estate is still high despite, or perhaps because of, a world wide recession. The country that grew its economy and added jobs in 2008 attracts business and real estate investment.

Copa Airline’s Success and Panama Real Estate Investment

Copa Airline has been in business since the 1940’s. It expansion has largely occurred since the 1990’s. Copa Airline’s August 2008 press release states that, “Because of the expansion and the modernization of Tocumen International Airport, headquarters of the Hub of the Americas, Copa Airline has been able to expand the number of destinations and frequency of flights it offers. The hub's future growth will be facilitated by the recent opening for international bidding on construction of the airport's new terminal and infrastructure.”
Panama real estate is in pause mode at the high end because North Americans are dealing with credit concerns at home. However, by no means is Panama’s air traffic all from North Americans. With continued high numbers of visitors to Panama we expect to see increased interest in Panama real estate from buys outside of North America.

Many of those who have come are looking for bargains in Panama’s current real estate situation and many have not been disappointed.

ABPanama has developed a “distressed property” section of its real estate business in Panama. We are linking owners of new property who have been caught in a price squeeze with buyers with cash from throughout the world.

The world economic crisis has of course affected Panama real estate. The biggest affect we are seeing is that there are an increasing number of buyers (especially speculators) who can no longer close on pre-construction properties due to their personal situation. Generally, they have a 30% deposit already paid, so they are keen to recoup all or some of their deposits if nothing else. Many of the buildings coming online now have almost doubled in price, resulting is some very good deals from people who are unable to close. This is particularly true of the high end condo buildings in Panama City, especially around the Bay.

If you are a property owner caught in the current price squeeze come to see us at ABPanama. We have lists of interested buyers who may be interested in looking at your property.