The ‘Lighthouses’ of Panama

Set to be one of the tallest residential buildings in Panama, this breathtaking development overlooking the bay, the Pacific Ocean and the Panama Canal will be known as the ‘Lighthouses of Panama’. These apartments enjoy a sought after location near the highly regarded John Hopkins Hospital and 15km from the main airport. The development will offer a superb range of facilities combining a luxury hotel, casino, shopping centre of celebrated trademarks, international restaurants, social and leisure centres, heliport and parking in addition to the modern sports facilities that are an excellent benefit to the exclusive apartments of this development.

The apartments range in size from one to five bedrooms and offer sea views from most apartments from the 15th floor. They give the investor the chance to purchase Panama real estate which has been built by a premier Spanish developer with an excellent CV and clients also have the reassurance of the funds being deposited into an escrow account. Groundbreaking has taken place and the developer is offering a rental pool between $1.200 - $1.700 per month, depending on the unit, for a period of 2 years. It may be possible to renew this option although the developer advises that”recent research shows landlords can get more if they managed the properties for themselves.”

This Panama property has other benefits to clients for additional payments, the developer gives interest on advanced payments made before the required dates established in the contract (payment in advance, either full unit or part unit) the interest payable would be at a rate of 6%. In addition, payment in advance full unit: from $1700 depending of the unit paid until the handover date. Mortgages of aprox 65-70% are currently available through UK banks (subject to status) and this project we are advised is bank guaranteed.

Tourism is a growing industry for Panama ‘El Visitante’, the tourist newspaper of Panama reports - “More than 390,000 tourists visited Panama in the first quarter 2007, an increase of 9.5 per cent over the same period last year says the Comptroller’s Office. Panama Institute of Tourism predicts that by 2010 Panama will have more than 2 million tourists per year”.

General tourism is just one of the factors creating a demand for accommodation in the area. Medical tourism, available in Panama, is popular with Americans, both for the general population and particularly for retirees. Lower medical costs are one contributory factor of the generally low cost of living in Panama which is making this country so attractive to the retirement market. In addition, Panama offers a raft of incentives to those retiring there which have lead to this being an alternative short term or long term destination for this market.

Panama City, Panama is the capital of the country and is located at the Pacific entrance of the Panama Canal. It is an important hub for international banking and commerce. Panama has an international airport, Tocumen, that offers daily flights to international destinations as well as a regional airport. The expansion of the Canal has brought, and continues to bring, both commercial and tourist visitors to the city.