Will Panama be hit by the Real Estate Bust?
Filed Under (Real Estate Riches) by admin on 18-09-2008
by Peter Macfarlane for The Q Wealth Report
Panama City has become a very hot real estate market for international retirement and living in recent years. A lot of it, however, has been fuelled by speculation. For a couple of years I’ve been saying it has to end, much to the chagrin of those who want to hype off-plan apartments, and even though I’ve been offered attractive kickbacks to say otherwise. Now it really looks like a Panama real estate collapse is imminent, if not already upon us.
The irreverent blog about Panama, BanamaRepublic, agrees with me, answering the question as follows:
Of course we will. Many of these dodgy skyscraper projects were financed based on fake pre-construction sales while the banks looked the other way and now of course they’re all getting nervous. And who was it again who was selling these bonds for the McTrump Ocean Club and then bought them all itself? Yes, THAT bank. Add to that that nobody is selling any pre-construction condos and you can take over whole projects now, almost 10% inflation and the picture should become clear to anyone with half a brain. Good luck, speculators!
I agree. But if you buy right and have cash, now might just be the time to pick up a bargain in Panama City. I’m going down there next week for a “Secrets of the Super Rich” event. If anyone will be in the area, let me know and we can get together for a drink! My email is info@petermacfarlane.net
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