The Panamanian economy is growing even during a global recession, putting it in good position to resume accelerated growth next year, according to Liam Bailey of Write About Property.
"Just as I forecast when I was recommending Panama property for investment last year, the economy is to continue growing strongly this year according to the IMF [International Monetary Fund], which forecasts an impressive 3% growth for Panama's economy this year and 4% next year," he said.
"As I said then, Panama's economy growing this strongly as almost the entire world falls into recession, makes property in the country one of the best investments on the global market," added Bailey.
"This is because of the canal expansion, to be completed in 2014, when we will see economic growth in Panama increase up to three fold. Economic growth translates to more people buying homes and increasing living (and operating costs), which translates to rising property values. Panama property prices are likely to double between now and 2014, and will be at least three times what they are now in 2016," he explained.
Julie Liddle, emerging markets analyst with overseas property portal Property Abroad concurred with Bailey.
"In such gloomy times it is easy to get scared of making positive forecasts about overseas property markets, but in the case of Panama it cannot be avoided. Though the news is thin on the ground, we are seeing prices holding firm, and even rising in terms of the asking prices of new properties coming onto the site," she said.
Property Abroad.com is currently advertising dozens of properties for sale in Panama, prices start from around £50k.
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