This is a guest article from our partners at Punta Pacifica Realty, experts in luxury living options in the capital.
Panama City, Panama is renowned for its fast-paced growth, prominent business sector, and impressive skyline of opulent commercial and residential developments.
Surveying the glistening urban landscape of Panama City, one area in particular stands out amongst the rest: an enviable and exclusive oceanfront neighborhood known as Punta Pacifica.
Punta Pacifica pricing trends of the last decade speak volumes of its unmatched desirability—both within the eyes of wealthy Panamanians, as well as a massive influx of international buyers.
The following timeline will give you an idea of pricing trends in Punta Pacifica throughout the last decade.
2006-2008: Fast-paced growth
Panama as a whole underwent an intensive growth spurt, with Punta Pacifica setting the pace.
Property prices in Punta Pacifica in 2006 ranged between $1400 per square meter to $3300 per square meter. Come 2008, prices increased to $2000-$5000 per m2, representing some of the highest and most rapidly appreciating real estate in Latin America.
2008-2012: International Recession
While undoubtedly affected by the infamous housing crash and recession, Panama suffered considerably less than many comparable international real estate markets in the USA and beyond.
With an overall 25% price decrease, Panama endured the recession with impressive resilience—especially considering places like Miami, London, and Dubai suffered as much as a 65% hit.
2012-2013: Regaining growth
This time period was marked by the recuperation and stabilization of prices following the previous years’ crash. Panama property prices recovered and remained stable during this time, until starting to rise again in early 2014.
2014: Back on top
Both Panama and Punta Pacifica have retaken their place at the top of the totem pole for international real estate.
Panama remains one of the fastest growing economies in the hemisphere. Punta Pacifica property prices have increased by 5% to 7% since 2014, from $2000-$2,200 per m2 to the current average of $2,500 per m2. Certain developments, such as the venerable Trump Ocean Club tower, bring in prices as high as $3,500 per m2.
With the economy picking up in most regions of the Americas and Panama continuing its robust growth, expect the upward trend in real estate appreciation in this prime area to continue in the future.
What makes Punta Pacifica so poised for appreciation? Find out in the original article: If These Walls Could Speak– Punta Pacifica Pricing Trends They Would Talk About
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