In Panama, the construction sector of the property market saw excellent growth over 2007's numbers. The sector grew some 25 per cent. This was brought on by the expansion project in place for the Panama Canal as well as the addition of larger, more modern apartment complexes and buildings.
This information is reported by Bloomberg News from Michael Fernandez who is the economic director of an industry group in the region.
Panama has become more and more the focus of investment consideration because of the larger numbers of people that are looking to retire here. US retirees find that this is an ideal location for a low cost of living and prime weather for their senior years, and European retirees are making the same considerations.
In economic consideration, the construction industry was the fastest growing sector. It is 5.3 per cent of the country's GDP.
According to Fernandez, "There is no bubble here." This is a reference to the growth and burst of the US real estate market. He also says, "The world has discovered Panama and now they are investing."
The country has seen marked improvement in the housing industry, which has been an attractive feature for those looking to retiree here. The development of several country club and modern skyscrapers add to the prestige of living and visiting here.
