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Just a few years ago Panama was considered the second best real estate market in the world behind Dubai, due to its strong new condominiums construction and sales. Since then Dubai’s real estate market has collapsed, while Panama’s condominium sales peaked but never collapsed. Today there are over 200 new condominium buildings under construction in Panama City.
While investing in Panama condominiums may no longer be a great opportunity other alternatives exist.
Buildings and vacant lots within one street from the new $1.5 billion metro subway stations will jump in value when they open for business in a year.
Major cities around the world with subway systems demonstrate how apartments closest to the subway stations fetch the highest rents due to the convenience of a short walk to the subway. Panama City’s first subway line will be 14 kilometers (8.6 miles) long. There is a lot of inexpensive real estate near most of the 16 subway stations. Commercial real estate investments will also pay off as businesses surrounding the 16 stations will benefit from increased pedestrian traffic.
Recently, a Bulgarian real estate website proclaimed “The metro stations are changing the real estate market. Central metro stations are the new key shopping places and the newest subway station “Serdika” is an excellent example. There has been a mix of new retail supermarket, drugstore, and fast food restaurants near the subway station.”
The Fairfax, Virginia community’s official website recently offered, “An investment idea: the coming silver line metro”. The article claims that, people are already buying around these stations and prices are higher than comparable houses not near a station.”
Craigslist in places where a metro subway system exists carries ads proclaiming “short walk to metro station” as justification for the price.
Look around a one block radius from these 16 subway stations in Panama to see the vacant buildings and lots and imagine new apartments, fast food restaurants, supermarkets, drugstores, and parking lots for the “drive, park & ride” commuters.
Before approaching owners of empty lots and buildings consult with a Panama real estate law firm to understand the law.