The real estate market in Panama is on the rise, with more and more property developers and brokers seeking buyers from the island.
The island is known for its beaches and beacheside resorts, and many real estate companies offer a wealth of properties for sale in Panama.
In recent years, Panama’s real estate industry has taken a hit, with the country having experienced a boom in the number of developers, brokers and real estate agents.
But in a recent interview with the National Public Radio (NPR), Panama’s chief real estate developer, Miguel Echevarria, said the industry was on the upswing and he expects the country’s realtor market will be even better in the future.
“We’re going to continue to see more and bigger deals,” Echevalria said.
“I believe that in the next year, we will see a more balanced market.”
Echevria also added that he expects some of the new developments to be condos.
“What’s going to be different next year is that there are going to a lot more condos,” he said.
While real estate deals are booming on the island, Echeverria said that Panama’s tourism industry has suffered because of the government’s crackdown on illegal gambling, which has been widely reported on by the media.
“The tourism sector has suffered, in a sense,” he told NPR.
“And the tourism is a very important part of our economy.”
The realtor said the government has been making changes to the real estate laws to encourage development and that this will help increase the demand for real estate on the Caribbean island.
But he said the country has also experienced a downturn in construction and realtor vacancies, which could make real estate transactions harder to find in the years ahead.
Panama’s economic growth has slowed down over the past few years due to the country facing a financial crisis.
The country’s government has also struggled to combat the Zika virus, which was responsible for an estimated 15,000 deaths in the Caribbean.
“In the last five years, we’ve experienced a lot of setbacks and a lot to be proud of,” Echevria said of his country’s economic recovery.
“But we’re moving forward.
We’re moving through this period.”