Liverpool, United Kingdom (PressExposure) January 13, 2009 -- Overseas property consultancy Azure Overseas has made a brave foray into the Latin American market of Panama. World famous for enjoying a massive overseas property boom from 2006 to early-mid 2008, Panama has somewhat fallen from the limelight this past few months.
However, Panama has long been to Americanâs what Spain is to Brits, with more U.S. citizens buying retirement property in Panama than in any other country world wide. Azure Overseasâ Liam Bailey had this to say of their move into the Panamanian market:
âI was a little surprised that Panama fell out of the limelight, because nothing has really changed, and the same factors that presented such positive outlooks for Panama still remain. Construction continues on the Trump Ocean Club, a massive condo tower development by Donald Trump, and the Canal Expansion Project, which will now be completed in just 5 years, will still provide a massive boost to the economy and the property market, both during and more so after its completion. Panamaâs economic growth has slowed this year,â continued Bailey ârecorded at just 6.9% for the first quarter (annualised), which is still good, just not when compared to the same period of 2007 when growth was a whopping 10.7%.â
âHaving said that,â continued Bailey growth for 2007 overall was recorded at 11.2%, showing that growth accelerated in the final three quarters. My own research in May-June this year showed that property prices in Panama City had risen by a whopping 48% between mid-2006 and mid-2008, and I now find nothing to suggest that will have slowed greatly â especially on off-plan developments. All in all Panama is still a thriving economy, and the property market continues to show massive growth potential, especially for off-plan developments in sound locations.â
That is exactly what Azure Overseas have leapt into the market with; the fantastic off-plan Bala Beach Development [http://www.azureoverseas.com/panama/?6AA8D414-6C69-4713-A449-D37781103183], set beside one of Panamaâs finest Caribbean beaches, namely: Maria Chiquita Beach. Astonishingly, 1 bedroom Bala Beach apartments start from just Â£55,500.
The first phase of the Bala Beach Resort development includes two 11-story buildings centred around the pool and just steps away from over 1,000 feet of pristine Caribbean beach. Each of its condo hotel units offers expansive views of the ocean, beach and pool area.
This resort â when finished -- will offer a combination of striking natural surroundings and luxury amenities that include: Beach cabanas, Tennis courts, Health club and spa, Infinity and lap pools, Beach volleyball courts, Basketball courts, Valet parking, and 24-hour concierge.
Liam Bailey gave his views on the development and its growth potential:
âThe Bala Beach development offers affordable luxury, and because it is off-plan immediate growth should be upwards of 20%, followed by annual growth of between 10 and 20%. Panama apartments like those of the Bala Beach development, i.e. well located, low-priced, luxury apartments with sea-views, regularly fetch rental yields of 10% and over.â