According to The New York Times, big changes have been sweeping Panama City. “Over the past 13 years, Panama City has been racing to become a world-class metropolis, and for travelers, the changes have been enormous,” they wrote, explaining that, ever since the U.S. gave the Panama Canal back to Panama, the area has been quickly developing, and many of those changes involve making the country more accessible to short and long term visitors.
It’s worth noting that Panama was, in many ways, a coiled spring ready to pop with energy. “Since 2008, when much of the world was in a recession, the Panamanian economy has expanded by nearly 50%,” they add. What’s more, the canal is undergoing an expansion that is expected to double its capacity for ships.
Are you interested in investing in Panama real estate, and possibly luxury properties? You’re not alone in this by far. The purchase of luxury property in particular has been a popular move for foreigners from the U.S. and European countries as a way to get a slice of an up-and-coming Latin American country where the taxes are far more enjoyable. It is also being seen as a smart place for businesses interested in wooing emerging markets in South America to branch out too. Here are three things you can expect if you live in Panama City.
1. The Local Food
Panama City cuisine is pretty free ranging — you can find a bit of everything, from French and Colombian, to American and Chinese. Reporter Tim Neville tried out one local dish, the sea bass hot dog, which turned out to be a surprisingly delicious option. Ropa vieja, which translates to “old clothes,” is more edible than it sounds and is a traditional meal made from spicy pepper sauce, goat cheese salsa, and shredded beef. A unique treat for this area is the candied Panamanian octopus — prepared with a chinese glaze, and served on spanish beans.
2. Infrastructure is Still in Development
Panama city is currently working on constructing a $2 billion subway, which will be South America’s first subway system. Although the city is in some ways far more modern than others in this part of the world, it is truly an eclectic mix. Not every street has proper addresses yet, and sometimes “by the McDonalds” might be the best directions you get. In many ways, though, this is part of the experience that makes Panama City real estate unique and memorable.
3. Local Facts Worth Knowing
Panama uses U.S. dollars, which can make traveling into and out of the U.S. easier. For U.S. citizens, there are many enticing tax options offered by the government of Panama in order to encourage local investments in luxury properties. There are multiple up-and-coming neighborhoods that are fairly safe, well-developed, and a good choice for retirees or families.
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