Rare Free-Standing Mansion in Downtown Panama City, Panama up for Sale by Panama Equity Group

In the midst of Central America's largest real estate boom, Panama City in the Republic of Panama is beginning to see rare mansions arrive for sale on the market. Known as a tax haven and increasingly popular as a tourism destination, the cosmopolitan capital offers only a limited amount of free-standing homes.

Panama City, Panama (PRWEB) June 11, 2009 -- The first quarter of 2009 showed Panama's economy to be quite resilient, representing something of a global anomaly and reinforcing the long term outlook for major growth. The condominium market has slowed recently due to the possibility of an oversupply of inventory, however in its wake is emerging a different niche: the capital city's scarcity of well constructed and centrally located homes.

Built on prized downtown lots of almost 500m2, homes like a fully renovated duplex in Panama City's Obarrio neighborhood never actually enter the public market, as owners historically chose to pass the home from generation to generation. Now, however, the market is starting to see examples of limited edition properties with surprisingly reasonable price tags. One two story, 4-bedroom, home featuring a lush, tropical back yard with pool, located in the heart of the banking district was just listed at a mere $780,000. This includes over 8,000 square feet of construction, and a grandfathered rate of $2,000 in municipal taxes per year.

"The reason I am so excited about this opportunity," says Kent Davis, the home's selling agent, "is that so few of these homes exist, and they are owned by Panamanian families for generations. We rarely have an opportunity to list them, and they tend to sell very quickly." Davis points to Panama's current status as a tax haven when promoting the privacy of such a purchase, suggesting that anonymous corporations (like the one in the name of this home) make for a smooth transfer of ownership and represent the utmost in privacy for new owners.

Panama's increased profile as a travel and investment hotspot has also drawn attention from groups such as Hilton who just signed four multi-year agreements in the capital city with plans for a Hilton, Embassy Suites, Doubletree, and Hilton Garden Inn.

Davis continues, "Scarcity is the driving force behind an investment in a home like this. For anyone that's been watching the Panamanian real estate market for an opportunity to purchase a stately mansion in the middle of the city, this is the chance of a lifetime. This stunning home has to be seen to be appreciated."

http://www.panamaequity.com

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