Panama real estate at the close of 2010 (Continued)
Westlands Mall
There is still a luxury segment where Class A properties are still being built. It is not just apartments but stand-alone residences or duplexes. Panama City has grown towards the outskirts and in its re-adjustment the real estate sector has chosen to take luxury complexes out of the city into the outskirts both to the East and the West. There are several Class A developments in these areas with surprising prices. Towards the East near Tocumen Airport where previously low income housing solutions were being built in ranges from $15,000 to $50,000, now very high end luxury residential complexes are being built as well. To the East close to the South Corridor you will find Costa del Este with houses and apartment buildings where properties start at $150,000. Costa Sur with residences starting at $250,000, Santa Catalina with residences starting at $150,000 plus the soon to be developed Panatropolis, the airport city also starting at $150,000 as well as Santa Maria Golf & Country Club.
To the West of Panama City several luxury complexes are being developed. The largest one is in Howard, Panama Pacifico which is a mixed development both commercial and residential. The residential area is just starting to be developed with residences starting at $250,000 up to $800,000. There is a Bern development in Veracruz, another development in Arraijan called The Hills and one in Chorrera called The Hilltop. Fifteen minutes from Chorrera you can find La Mitra with a development where residences start at $180,000. All of these areas are at most 30 minutes from downtown Panama City and can access the city either through two bridges: Americas and Centenario. Traffic is heavy coming in and leaving town during peak hours but if you can avoid this time frame it shouldn't be an issue.
Options are plentiful and these are orderly planned communities with all the amenities and facilities plus privacy and a bit more green close by. Check out these options if you are planning to purchase property in Panama.
