Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama Canal Reaches Major Milestone
This week, the Panama Canal Authority announced that the expanded Canal is ready to be fully operational and accept its first ships.
The $5.25 billion expansion of the Panama Canal has long been seen as a game changer in the movement of containerized cargo around the globe and particularly here in the United States. Ports up and down and East and Gulf coasts have spent hundreds of millions of dollars to prepare for what they hope will be a significant jump in cargo.
Improvements have ranged from the construction of all new port terminals — one such project is currently well underway in Charleston, S.C. at the site of the former Charleston Naval Base — to the creation of better connectivity between terminals and the railroads that serve port communities.
Source: Courthouse News
Seek out Panama’s prime sips on coffee and rum trails
Tired of seeing the international media focus on Panama being mostly about financial scandals? Well, apparently, so are many here in Panama and abroad. This week USA Today did a great piece on some of the more fun aspects of the country: coffee and rum!
Connoisseurs of booze and caffeine have known what the rest of the world is just discovering now: Panama produces some of the finest coffees and rums in the world, and both beverages have become increasingly easier to enjoy in the country.
Easier to enjoy in Panama, you wonder? Because of the high quality and cost of the raw materials, coffee growers and several rum brands have largely exported their goods to markets capable of appreciating them — and paying premium prices for them.
But the revival of Panama City is underway, especially in the historic Casco Viejo district. A UNESCO recognized site, this “new” capital of Panama founded in 1673 (the first Panama City founded in 1519, burned down in 1671), evokes a smaller, grittier Cartagena. Indeed, Panama and Colombia were once united.
Source: USA Today
Panama to New York, sailing? Now, this looks like an adventure!
Do you have a sense of adventure? Well, then imagine this! The eleventh race of the 14-stage Clipper 2015-16 Round the World Yacht Race, The LMAX Exchange – RACE of THE AMERICAS from Panama to New York has just got underway.
At 1,930 nautical miles from Panama to New York, Race 11 will see the teams negotiate their way through the Caribbean Islands, beating upwind before potentially hitting some light winds before hopefully ending with a kite run on the approach to ‘the city that never sleeps’. Having passed through the Panama Cana in rafts of three, all twelve teams were reunited on the eastern side of the canal late on May 29 before beginning their motor from Shelter Bay to conduct the Le Mans start led by the appointed Lead Skipper Rich Gould on IchorCoal.
This is the fourth time the fleet has conducted a Le Mans start in the circumnavigation and after delaying the start overnight because of light winds, Skipper Rich informed the Race Committee that the race got underway without any further incident. “The fleet is back racing after continuing under motor north during the night due to a lack of breeze which forced a postponement in our start. During our overnight motor-sail the breeze filled and we had several large rain squalls pass over the fleet, but conducting a Le Mans style start in the dark is not an option.
Source: Sailing Scuttlebutt
Panama’s Interior Real Estate Market Quietly Growing Fast
When most people think of real estate in Panama, they immediately think of the country’s largest market, Panama City. However, there is a huge boom going on in the interior of the country that should be getting much more attention, and with good reason. Here’s some insight as to why, from our latest blog post.
What, and where is Panama’s “interior”?
When people in Panama refer the “interior”, they’re talking about the provinces, cities, and towns that are outside of the capital, and capital province (Panama). With such a wide definition, it’s hard to say that the entire interior of the country is thriving from real estate. However, some of the biggest growth sectors, and new real estate projects are based in towns and cities in this area, which is redefining the market for investment.
Panama’s interior includes some of the country’s most exclusive beach areas, agricultural mountain towns, and affordable suburbs. All of these areas are turning out to be big draws for new properties (commercial and residential), and lots of expat retirees and younger investors.
Continue reading about Panama’s interior real estate market
