Our latest real estate feature is on the bustling, red-hot market of Panama City, Panama.

If the fundamentals weren’t so strong, this would be looking like a bubble. It did take a slight breather when the U.S. recession hit, but unlike other Latin American retirement markets that depended on the yankees, this one is more diverse. Many of the buyers the past five years have been part of the “Chavez effect”: wealthy people moving their money out of Venezuela (and others that look to be headed that direction, like Bolivia). Other buyers are Latinos from countries where the political situation is more business-friendly, but they want to own property in this crossroads of the Americas, a stable country with a good banking system.

And of course Europeans, Canadians, and Americans are still a big part of the mix, especially those who like the combination of business opportunities, moving incentives, and the ability to keep their money in a place where it won’t get taxed heavily.

So while prices here are lower than they would be in other major world banking and commerce capitals (lower even than Mumbai, India, for example) you’re not going to swoop in and find fire sale bargain. Skyscrapers are selling out half or more of their units before the building is completed. The new Trump Ocean Club, which is a sail-shaped structure like the Burj Dubai, sold more than 80 percent before the doors opened, despite a price range of $250K to $1 million. The Yoo complex, with interiors by Philippe Starck, is seeing similar pre-sale numbers.

The Trump tower topped everything south of the U.S. for height, at 284 meters. Panama City now has the three tallest skyscrapers in Latin America. With the canal and protected forest on one side, the ocean on the other, there’s nowhere to go but up!

See the full story here: Luxury Real Estate in Panama City, Panama.

Our Trump hotel review isn’t up yet (it just opened its doors last week), but here are links to all the reviews of the best luxury hotels in Panama.