Welcome to the Panama Weekly News Roundup! Big hotel chains targeting Panama City. Local airport plans big expansions. Panama’s capital leads the region in banking. Here’s the latest.
Panama City Leads Region in World Bank Business Survey.
Panama City has become a leading banking hub in the Americas, specifically Central America. Panama’s capital boast the most banks per capita in the region, and is on par with many countries in Europe as far as bank growth. Experts accredit this to Panama’s growing economy, relaxed tax structure, and role as a logistics and transportation hub in the western hemisphere.
Panama’s capital topped the World Bank’s first “Doing Business” ranking for Central America and the Dominican Republic, while the transportation hub of Choluteca, Honduras was last among 32 cities and ports.
A recovery in the U.S. is helping the economy of Central America and the Dominican Republic expand about 3 percent this year, faster than the 1.3 percent forecast for Latin America and the Caribbean, the International Monetary Fund said in an October report. Growth has been slowed by the outbreak of coffee rust disease in the region, the IMF said.
Source: Bloomberg
Big Hotel Chains Targeting Panama City Growth
Panama City’s tourism industry is surging these days, especially the luxury tourism market. With so many options for a world-class stay, hotels have been fighting tooth-and nail to capture the thriving market. And these days, some of the biggest hotel chains in the world are getting in on the action.
Some of the biggest hotel companies in the world have opened new facilities in Panama City in recent weeks, as the industry rushes to catch up with the growth in the city.
This month Hyatt opened its first Hyatt-branded hotel in Panama, the 165-room Hyatt Place Panama City. Located in the heart of the financial zone, Hyatt says the new hotel is part of a Latin America growth strategy, an expansion plan which reportedly includes a new hotel in Costa del Este, the waterfront development in south Panama City.
Source: World Property Journal
Panama Jet Center Will Begin Operations in December
Panama has long been a transportation hub, but this year, Panama’s domestic airport announced big moves to make the city more of an airport location. Earlier this month, Heliflight Aviation announced that it will be building its first international-ready FBO at Marcos A. Gelabert International Airport, right in the city.
According to information published by the news portal Panama Advisory International Group, the new FBO will feature a full range of services including immigration clearance and the only hangar with humidity control temperature in the region. It also offered overflight and landing permits for domestic and international flights.
The company that will bring the Panama Jet Center, known as Heliflight Aviation, has been providing aviation services for many years and is the only one with legal charter operation in Panama, with a fleet of 19 aircraft. Assets managed fixed wing, including a Gulfstream IV, Citation Ultra, Citation X and a Piper Seneca II. A Citation Excel pre-purchase will join the fleet shortly. Most of the fleet consists of 15 Airbus product is Heliflight Helicopters and distributor and local service center for the brand.
Source: GoGetIt Panama
Panama’s “Off the Radar” Beach Communities: A hidden Real Estate gem
Panama’s beaches have long been a hot commodity for expat relocation seekers, tourists, and investors. But for some people, the idea of the Panamanian beach life is a bit more rustic, a bit more underdeveloped. With all the development going on in Panama’s beach community there are still a few places that remain undeveloped, eco-friendly, and free of tourists. Find out what they are in our latest blog post:
Whether you’re looking to retire, rent, or just vacation, you’ll find that Panama’s “off the radar” beach communities offer the perfect fit for what you’re looking for. One of our favorites, and one that’s been picking up steam recently, is Playa Venao. Playa Venao is located on the Azuero Peninsula, in one of the southernmost regions of Panama. “El Azuero”, as locals call it, is surrounded by hundreds of miles of Pacific beaches, with the peninsula’s interior being dominated by rolling hills, and dense tropical forests.
Playa Venao is located about a 4-5 hour drive from Panama City. There are no direct busses that go there from the capital, but there are a number of daily routes that service nearby Las Tablas and Pedasi. You can also fly from Albrook (Panama City) to Pedasi. From there, there are regular busses and shuttles to the beach, as well as car rental options should you want to explore on your own. The town itself is very small, if you can even call it a town, but the surrounding green space and undeveloped land is enormous.
