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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Introduction – We are seeing numerous high-rise condos going up, actually about 140 of them averaging about 40 stories in height. These are only the ones currently under construction with almost as many waiting to go up in the near future. The prices of these projects have reached the $5,000 to $7,000 a sq. meter level, which brings Panama up there with major cities around the world. So who is buying these properties?
Purchases by Country – People from Venezuela and Columbia are the two largest groups of buyers for these Panama properties. Next comes Europeans and last comes Americans.
These facts should not be of any great surprise.
Discussion – People are leaving Venezuela in droves. Many people do not trust their leader. There are also people remaining in Venezuela that do trust their leader and have high hopes for the future. Only time will tell who is right and who is wrong. Many of these people have been moving their wealth to Panama for the past two years. Getting money out of Venezuela has become increasingly more difficult. Now we are hearing reports that minors are not being issued passports any more by the Venezuela government preventing them from leaving the country.
Columbia has had a history of crime and instability for many years. Panama used to be part of Columbia. It is easy for the Columbians to come to Panama since the culture and proximity is so close.
Europeans are always looking for a nice safe warm weather retreat. Now with the Euro so high against the dollar they are really getting a 40% discount on the housing prices. So a $3000 a sq. meter condo to them looks like an $1800 a sq. meter condo to one coming from the USA. This means a 200 sq. meter condo (2150 sq. ft.) while costing $600,000 feels like $360,000 to the European. The European knows this high Euro is not going to last forever so they are buying while it is high to preserve their value and protect them when the Euro declines. Many speak of the declining US dollar but lose site of the fact that Europe will be in a real mess if the US dollar does not recede. American cars and other products are extremely cheap to the Europeans and they can travel to the USA very inexpensively.
Americans are coming to Panama for many reasons including good weather, safety and proximity. Prices are no longer low to the American and getting visas for more than 30 days is hard so we are seeing a dropping off of Americans coming to Panama. Americans can no longer sell their house and get the equity out and come to Panama and buy a beach house for $100,000 like they could in 2005. Now they have to pay over $200,000 for the house and they are hard to find even at that price. When the American goes to sell their home they cannot get any equity out of it anymore due to a seriously declining real estate market. Americans are no longer a major force in the Panama real estate market.
Summary – Based on historical projections it seems that Panama will eventually hit even higher real estate prices with the prime properties reaching the $10,000 a sq. meter level. Panama is trying to keep up with airport expansions, road improvements and more infrastructure improvements. Only time will tell where and when the real estate boom will end.
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