There was a time when all I knew about Panama was that it had a big canal.
Then I visited for the first time. This was the mid-2000s. Panama was in the midst of a stunning transformation. I could see the opportunity. I spent time there and did a lot of research. And I bought and sold property for a $72,370 gross profit.
In the two decades since, I’ve returned frequently and watched firsthand as Panama City has evolved into a true global metropolis. I’ll be visiting it again next month.
Today it’s a place filled with energy, culture and opportunity that’s drawing in retirees, young families, entrepreneurs, and work-from-anywhere professionals from around the world.
One of those who’s been drawn here is Matt Doherty. Matt is one of the concierges on my Real Estate Trend Alert team. At RETA, I have a special concierge team whose mission is to help members get the most out of their membership. They’re on hand to answer any questions members may have…to help with any issue…address any concern…
Matt’s now been in Panama for over two decades and he’s witnessed its incredible transformation into one of the world’s most vibrant and cosmopolitan cities.
Below, he tells you about that transformation and why he chose Panama City…
Wishing you good real estate investing,
P.S. The new RETA members-only deal in Panama City is very close now. This is a chance for members to own a stunning luxury condo in an iconic, landmark community set on the last prime waterfront land in Panama City. I expect gains of $224,088 and gross rental yields approaching 10% with this deal. I’m planning to buy alongside members.
“Why Choose Panama City”
By Matt Doherty
I first came to Panama over 25 years ago. My wife’s family is Panamanian, and we started coming down to visit her grandparents not long after we were married.
Amy has been visiting since she was a child, but I was immediately won over by my first encounter with Panama. The people are so warm and welcoming. Strangers smile when they pass you on the street, calling “Buenos Dias!” or simply “Buenas!”
It’s also a very diverse culture, and being from Washington, D.C., I found that to be a comfortable aspect of the city as well. The thing is, Panamanians are pretty easy-going. It doesn’t matter who you are or where you’re from, as long as you respect those around you, you can do whatever you want.
That was my first impression, and it hasn’t changed much in 25 years. But…
I have to say that the changes to the city itself since then are nothing short of amazing. I remember when the Plaza Paitilla Inn was the tallest building in the city at 19 stories. There are now about 50 skyscrapers of 40 floors or more with the tallest being the JW Marriott in Punta Pacifica at 70 stories. (The Vitri Tower in Costa del Este has 74 floors but is actually nine meters shorter than the Marriott.)
In the early years you had to really search to find anything interesting in the way of dining experiences. On our second visit, one of Amy’s cousins took us to her favorite new restaurant, TGI Friday’s. Not a place I would have traveled 4,000 miles to experience!
Now, everywhere you turn there is a new upscale eatery or fine-dining restaurant, from French to Italian, to German, with lots of really creative fusion-style cuisine as well. The number of artisanal breweries has exploded in the last 10 years and there is even a bar called Pedro Mandinga in the old town (Casco Viejo) that has handcrafted rums. The tapas there are inventive and delicious. Try the barbecued, bacon-wrapped shrimp!
Casco Viejo is a must-see neighborhood. It’s the oldest section of the new city (the original city was sacked and burned by the famous pirate Captain Morgan). In the last 20 years Casco has gone from edgy to cutting-edge, with lots of little shops and boutique hotels, restaurants and night spots.
One recent hotel added to the Casco scene is La Compania, a real gem comprised of three restored wings including the French colonial wing, built by Jesuit priests in 1739; the Spanish colonial wing, which dates back to 1688; and the Beaux-Arts rooms in the American wing, built in 1904.
The hotel boasts three excellent restaurants featuring Spanish, Italian, and American cuisines and my favorite rooftop bar in the city, Capella.
If I feel like taking a stroll, there is a beautiful strip of green parkland along the bay called the Cinta Costera (Coastal Ribbon), where Panamanians and expats alike go jogging, rollerblading, and bicycling, or just sitting and soaking it all in. Mornings and evening are when you might find me there. The sun is just too much for me in the middle of the day.
Hiking up Cerro Ancon, the hill that looms over the city is a great way to spend a morning. It’s a piece of tropical jungle right here in the city and home to toucans, wild parakeets, sloths, and monkeys. I also never miss a chance to visit the Miraflores locks at the Pacific end of the Panama Canal. I‘ve probably seen them a dozen times, but it still impresses.
The expat community in the city is strong, tightly knit, and yet, quite diverse. It’s like that small town where everyone knows your name but in addition to the U.S. expats, we have Canadians, Brits, French, German, Greek, Chinese, Japanese, Korean… the list goes on. And that doesn’t include the Colombians, Venezuelans and Central American imports. There is a group of us that meet regularly for drinks and conversation and there’s a sprinkling of different cultures represented. It all makes for some great conversations.
The cost of living? Well Panama City can be quite inexpensive, depending on how you shop, dine, etc. Keep in mind that your favorite U.S. brands are now imported and a lot more expensive. The local brands are all perfectly good, and there are specialty markets for meats, seafood, and fresh produce where you can save a bundle.
Healthcare here in Panama is world class, in fact Pacifica Salud Hospital in Punta Pacifica is a Johns Hopkins affiliate. It is also very inexpensive, especially for residents eligible for the seniors discount (age 60 for men, 55 for women).
I recently cut my hand and needed stitches. This was while we were visiting Amy’s mom in her small town in the interior. Mom wrapped the cut in a dish towel and whisked me off to the local clinic (a full-on hospital) where a friendly, professional, doctor with perfect English, cleaned and stitched the wound and prescribed antibiotics and a pain killer. They filled the prescriptions, and we were back at mom’s house in under two hours having spent $6.51 ($5 for the stitches and $1.51 for the meds).
The government is stable here, with free and fair elections every five years. Panama has no army, only a police force and border patrol, so the idea of some sort of coup is the furthest thing from anyone’s mind.
The streets are safer than in most U.S. cities, and my wife and I will often walk home from dinner out or a social event at 10 or 11 at night without a qualm. There are of course areas of the city that you would want to avoid, but you can find those in any major city.
The economy here continues to grow at a rate that has regularly outpaced the rest of Latin America and the United States.
Panama has 192 multinational corporations with regional headquarters here, with most located in Costa del Este where the latest RETA opportunity will be launched this Wednesday.
The site for the new project sits on the bay at the edge of Costa del Este with stunning views of the city skyline, the man-made islands of Ocean Reef, and the Pacific. It’s a breathtaking location…
RONAN SAYS: Thanks Matt. And yes…the changes in Panama are nothing short of amazing. When I first visited over 20 years ago Panama had the vibe of a sleepy backwater that was just waking up. Today, as Matt shares, it’s a completely different place.
But my analysis and thoughts are on the future…10, 20, even 30 years down the line.
Panama is on a virtuous cycle…it’s safe and secure for people, businesses, and capital, and very welcoming to those three things.
Panama is in a strategic location with regional defining infrastructure like the Canal and it’s a major hub for air travel. Multinationals and mobile entrepreneurs have been drawn in…their ecosystems will draw more…
There’s no better way to play the rise of Panama City than the upcoming RETA deal…a truly landmark project on the last prime waterfront land between the established city and Costa del Este, where you’ll find the multinationals, the international schools, the Johns Hopkins–affiliated hospital…
The community is called Ipanema.
Three sail-shaped towers billowing out over the Bay of Panama, on the last prime waterfront land in Panama City. Around 7,500 square meters of amenities, more than 80,000 square feet. A private urban beach and waterfront park. A 50-meter pool. A spa and wellness center. Sports courts, soccer fields, golf simulator, a running track, a bistro lounge.
I have never seen amenities on this scale in a single community. Not even close.
And then there’s the exclusive, off-market RETA pricing…
- There are luxurious two-bed condos from just $375,912. I figure these condos will be worth $600,000 five years after delivery and easily rent for $3,000 a month long term.
- That’s a gain of $224,088 and a gross yield approaching 10% renting long term.
- There are also premium aspect condos at an incredible RETA-only price of $420,619. These condos will be ideal for savoring the city lights reflecting on the bay. I expect they will be worth $671,000 five years after delivery.
- Finally, there are stunning penthouses available to us at from $604,154, over 1,200 square feet of luxury including a breathtaking terrace.
The deal opens exclusively to RETA members this Wednesday, September 30, at 1 p.m. ET.
RETA members, watch your alerts…
