Go North or South For the Next Booming Real Estate Markets
As the United States is experiencing a slowing and some same deflating real estate market, our neighbors to the North and South are seeing trememdous growth and appreciation of their housing inventory.
Panama is getting many Americans moving down to retire or live. Donald Trump as part of his international expansion is building a 62 story hotel and apartment building in Panama City.
The planned Trump Ocean Club International Hotel and Tower will feature more than 300 hotel rooms and 500 luxury apartments as well as a casino, yacht club and its own private beach. But Trump isn’t the only one developing highrise towers in Panama. “In Panama City there are new skyscrapers going up all over,” says Robert Baker, president of the American Chamber of Commerce in Panama.
Panama is seeing unprecedent interest from U.S. retirees, partly as
a result of positive media coverage in Conde Nast Traveler and magazines published by the American Association Retired Persons (AARP). And CBS filmed three Surivivor series in Panama, more than any other country, Baker points out.Panama is one of three real estate markets in Latin America seeing heightened interest, according to Rogerio Basso, Latin America real estate specialist at US-based consultancy Ernst & Young. “In general, markets that provide a good combination of air lift from major destinations, proximity to key source markets and coastal locations are experiencing explosive growth,” he says. “In discussions with our clients and the investment community, we are observing that there is heightened interest in Mexico, Costa Rica and Panama.” via the Latin Business Chronicle.
Meanwhile, the oil boom in Calgary is sending the homeprices soaring. reports out today show month over month increases in the average home price are going through the roof.
The red-hot Calgary real estate market experienced the highest year-over-year increases in the country last month, according to the latest figures from the Canadian Real Estate Association. The average home resale in Calgary was $358,214 in May, up 43.6 per cent from the same month a year ago.
In Edmonton the average sale price hit $242,936, an increase of 22.9 per cent from May 2005. Nationally, the average sale price of an existing home in 25 of Canada’s major markets topped $300,000 in May for the first time ever. Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005. It was the biggest yearly increase recorded in two years. via cbc.ca
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Comment by Bart on 15 June 2006:
The Calgary real estate market is crazy. They are plowing up land at an astounding rate to build new houses and they can’t sell them fast enough. Canada as a whole is also in a huge upswing. The CREA reported over 11.3 billion in sales for the month of May, up from 9.6 billion in the same month a year earlier. That is a lot of commission.