Facts about Panama
The Republic of Panama covers an area of 75,517 square km. It’s North limits with the Caribbean Ocean, East with the Republic of Colombia, South with the Pacific Ocean and West with the Republic of Costa Rica.

Panama is the bridge that unites South America with the rest of the Continent, an isthmus that is 80 km wide at its most narrow section.

Its population, according to the 2006 Census, is of 3.283.959 inhabitants, with a density of 43.5 inhabitants per square km, considered 58% urban. The population is conformed of 65% Mestizos, 14% Black Ethnic, 11% Caucasian, 10% Indigenous.

The metropolitan area of the City gathers 1.175.504 inhabitants, more than one third of the whole population.

Panama is a sovereign independent State since 1912. It is organized as a presidential republic, with a democratic government system based on the Executive branch, Judicial branch and Legislative branch.

At present, Panama is governed by the PRD (Partido Revolucionario Democrático – Democratic Revolutionary Party), whose main exponent is the President of the Republic, Martín Torrijos Espinos (son of General Omar Torrijos, who during the government of Carter, was able to transfer the sovereignty of the Panama Canal). Next elections will take place in 2009.

The official language is Spanish and Panamanians are Catholics in their majority.

The climate is typically tropical, with an average temperature of 27o C. There are to seasons: rainy season from May to January, and dry season from January to May.

The county’s political stability, its connection with international flights, the low delinquency rates, the US$ as national currency, the inexistence of earthquakes and natural disasters, combined with the low prices of the ground, make the Republic of Panama an attractive destination for International Real Estate Investment.

Economy
Along with the profitable economic results obtained in the past years, a series of mega projects are being promoted by the government, amongst which stand out the Enlargement of the Canal, the construction of a marine corridor, and the decontamination of the Panama Bay.

The sustained growth of the Panamanian economy is high above the average of the surrounding countries, reaching Gross Domestic Product of more than 8% in the first semester of 2006. (see chart below)

The project of mayor impact in the next years is the Enlargement of the Panama Canal, approved by popular referendum on October 2006. The foreseen investment is of US$ 5.250.000 and its execution is to be completed by 2014. The enlargement project will create 40.000 direct job openings as well as a butterfly effect on other economy sectors, like Real Estate.

Panama City in turning into the new Miami of the Caribbean with the entry of important international promotion groups that are reconstructing the city. The buyers are mainly foreigners, from investors to retirees, as well as families that whish to have a second home in an affordable city, with all kinds of services, security and with a stable climate all year.

The international buyers are mainly American and European, but there are also buyers from other Latin-American countries in search of security.

The high Real Estate prices in Miami, as well as the missing increase of property value are actively collaborating to the growing number of American Buyers.