{"id":2566,"date":"2012-10-17T14:34:12","date_gmt":"2012-10-17T19:34:12","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=2566"},"modified":"2012-10-18T15:45:03","modified_gmt":"2012-10-18T20:45:03","slug":"panamas-next-economic-driver","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panamas-next-economic-driver\/","title":{"rendered":"Panama&#8217;s Next Economic Drivers"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2011\/06\/david-airport.jpg\"><\/a><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2011\/06\/Angelina-Jolie-2.jpg\"><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6109\" title=\"david airport\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport.jpg\" alt=\"\" width=\"646\" height=\"412\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport.jpg 700w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport-300x191.jpg 300w\" sizes=\"auto, (max-width: 646px) 100vw, 646px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">While I\u00a0 revel in reports like &#8220;Paris Hilton, Michael Jordan, Mick Jagger, Arnold Schwarzenegger, Mel Gibson, Angelina Jolie\u00a0 and Brad Pitt\u00a0 can swim, take a walk and eat as any other tourist visiting the area, without being bothered by paparazzi, fans or the locals&#8221;, most of these are posted by developers and are of little truth or of any use\u00a0as\u00a0an economic driver of tourism here in Panama.<\/p>\n<p style=\"text-align: justify;\">By far, the biggest driver for tourism will be the new international airports under construction here.\u00a0 Not unlike the boom of the Dominican Republic with\u00a0seven International Airports or our neighbor Costa Rica with three, we will see development of new resorts, communities and business that will continue to transform this country.\u00a0 Unlike our neighbors, we have numerous other industries to bolster our economy and we are the leader of Foreign Direct\u00a0Investment in Latin America right now.\u00a0 But let&#8217;s look at the aiport ingredient again and how it will impact our country.\u00a0 I reviewed an older study that\u00a0is a little dated and of course economics of the world has changed but one thing remains constant, the markets and countries that I have mentioned above, are still experiencing a boom in tourism and investment\u00a0related to it.\u00a0 \u00a0Last year four million tourists visited the Dominican Republic.\u00a0 While Panama and Costa Rica report millions pass through their gates, in Panama, most are transient and do not stay in the country.\u00a0 The\u00a0 report\u00a0covers\u00a0the economic impact of one airport in Costa Rica.\u00a0\u00a0It is well written and shows the explosive growth and the socio-economic impact, both good and bad that came with it.\u00a0 \u00a0Here is the introduction of\u00a0the report on the <a href=\"http:\/\/www.liberiacostarica.com\/photo\/airport\/tour\/\" target=\"_blank\">Daniel Oduber International Aiport <\/a>in Liberia, Costa Rica and the impact on the \u00a0Guanacaste region.<\/p>\n<p style=\"text-align: justify;\">Liberia\u2019s impact on its local and neighboring communities has shown that infrastructure can, in a very short time, facilitate access, reduce transport times and attract very significant FDI flows, in the knowledge that many real estate developers seek closeness to international airports as a key variable for financial sustainability.\u00a0 The growth of Liberia\u2019s Airport and the launch of regularly scheduled international flights gave a clear signal to national\u00a0 and international investors that Guanacaste was a mature (investment-grade) touristic destination.<a href=\"http:\/\/www.responsibletravel.org\/resources\/documents\/Coastal-tourism-documents\/Analysis_of_the_Daniel_Oduber_Quir%C3%B3s_International_Airport_Liberia_Guanacaste.pdf\" target=\"_blank\"> Read the full study here.<\/a><\/p>\n<p style=\"text-align: justify;\">Now on to our little neck of the woods.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2011\/06\/valley-of-moon.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2568\" title=\"valley of moon\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2011\/06\/valley-of-moon.jpg\" alt=\"\" width=\"646\" height=\"268\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">There are two things happening here that will reshape Chiriqui and the mountain and beach areas here.\u00a0\u00a0\u00a0Few people have seen our province but those who have and decided to stay, would not trade living here for anywhere else in the world including this author.\u00a0 First let&#8217;s look at our new International Airport which is undergoing a $28 Million renovation including hardening and lengthening the runway to accommodate 737 heavy traffic as well as a new terminal to process the 150 to 200 passengers that will arrive with each flight.<\/p>\n<p style=\"text-align: justify;\">The $28 million remodeling and expansion of facilities at Enrique Malek International Airport in the city of David are almost finished.\u00a0 While we do not have direct flights from the US yet, we are now proud to announce that the new Air Panama Fokker 70 and 100\u00a0 jets<a href=\"http:\/\/2.bp.blogspot.com\/_I5q2fGj1kKk\/TU7OXCfRyMI\/AAAAAAAAAF4\/Vjoy3YMo7_Y\/s1600\/2011-02-04%2B08.50.44-767645.jpg\" target=\"_blank\"> <\/a>are servicing our new airport with\u00a0 25 minute flights David to\u00a0 Panama Ciy.\u00a0 They will soon begin service direct from Tocumen so you will only have to change gates to transfer from your US flight to Air Panama once you arrive in Panama City and of course when you leave David.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/vimeo.com\/14459374\" target=\"_blank\"><\/a><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6110\" title=\"david airport 2\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport-2.jpg\" alt=\"\" width=\"647\" height=\"411\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport-2.jpg 700w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/10\/david-airport-2-300x190.jpg 300w\" sizes=\"auto, (max-width: 647px) 100vw, 647px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The second thing that is going to drive tourism, \u00a0local as well as further foreign investment is the roadway work going on in Chiriqui.\u00a0 In the future the Pan American highway will be four lanes facilitating travel throughout the province\u00a0to distant beaches and coastal areas that now takes 2 to four hours from Boquete here in the mountains.\u00a0\u00a0\u00a0Travel times\u00a0will be cut in half with the additional roadwork going on right now\u00a0with the $117 million four lane expansion of the road from Boquete to David.\u00a0 Soon we will have only a\u00a0 20 minute ride to David.\u00a0 This will further drive the\u00a0growth of Boquete and also\u00a0 the whole of Chiriqui province not only from\u00a0increased tourism but the development of new local middle and upper middle class communities.\u00a0\u00a0 We \u00a0will\u00a0be able to offer the option for people who work in David\u00a0to enjoy the shorter commute time to communities that are being developed in between like Hacienda Los Molinos.\u00a0 My good freinds have recently recapatilized the second phase of the project with and investment of $6 million.\u00a0 They are betting big on our two big economic drivers!<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">I see great\u00a0things in store for us here in Chiriqui and more investors are thinking the same thing as I have seen a significant increase in traffic to <a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/listings\/\" target=\"_blank\">my listings<\/a> and sales this year. \u00a0 I have also\u00a0had visits weekly from investors looking at land for coastal developments, agriculture and small boutique housing projects here in the mountains.\u00a0\u00a0 While I do\u00a0 not think that we will experience the same boom as we did before when Boquete&#8217;s expat population grew from nothing to almost 2,000,\u00a0I do think\u00a0we will continue to see people seek out places to live near the beaches and mountains here in Chiriqui.\u00a0 Golf course\u00a0communities will remain popular as will beach front condominiums.\u00a0 However, this time I think that developers\u00a0need to\u00a0be ready to offer well thought out projects on the beach and in the mountains at lower entry pries than before.<\/p>\n<p style=\"text-align: justify;\">Here are some\u00a0 posts that show\u00a0some of the things that\u00a0we have to offer here in Chiriqui.<\/p>\n<p><a title=\"horse back on beach\" href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/news-from-panama\/paradise-in-boca-chica\/\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/themes\/canvas\/thumb.php?src=blog\/wp-content\/uploads\/2011\/02\/horse-back-on-beach.jpg&amp;w=100&amp;h=100&amp;zc=1&amp;q=90\" alt=\"horse back on beach\" width=\"100\" height=\"100\" \/><\/a> <a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/news-from-panama\/paradise-in-boca-chica\/\" target=\"_blank\">Paradise on the Chiriqui Coast<\/a><\/p>\n<p><a title=\"best 3\" href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/news-from-panama\/paradise-in-boquete\/\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/themes\/canvas\/thumb.php?src=blog\/wp-content\/uploads\/2011\/03\/best-31.jpg&amp;w=100&amp;h=100&amp;zc=1&amp;q=90\" alt=\"best 3\" width=\"100\" height=\"100\" \/><\/a><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/news-from-panama\/paradise-in-boquete\/\" target=\"_blank\"> Paradise in Boquete<\/a><\/p>\n<p><a title=\"orchid\" href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/news-from-panama\/ruta-sur-to-volcan-and-beyond\/\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/themes\/canvas\/thumb.php?src=blog\/wp-content\/uploads\/2011\/04\/orchid.jpg&amp;w=100&amp;h=100&amp;zc=1&amp;q=90\" alt=\"orchid\" width=\"100\" height=\"100\" \/><\/a> <a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/news-from-panama\/ruta-sur-to-volcan-and-beyond\/\" target=\"_blank\">Ruta Sur, To Volcan and Beyond<\/a><\/p>\n<p style=\"text-align: justify;\">If you have any interest in seeing what properties we have to offer for development or investment, drop us an email.<\/p>\n<h2 style=\"text-align: justify;\"><a href=\"mailto:tbrymer@brymerpa.com\" target=\"_blank\">tbrymer@brymerpa.com<\/a><\/h2>\n<p style=\"text-align: justify;\">or call 305-448-1003 in the US and 507-6810-1074 in Panama.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While I\u00a0 revel in reports like &#8220;Paris Hilton, Michael Jordan, Mick Jagger, Arnold Schwarzenegger, Mel Gibson, Angelina Jolie\u00a0<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[8,40,38,10,12,39,46,34,33,82,62,21,42,16,29,27,18,22,19,47,26,14,11,6,20,51,31,7,32,15,44,17,37,35,43,45],"class_list":["post-2566","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-azuero-penninsula","tag-beach","tag-boca-chica","tag-bocas-del-toro","tag-boquete","tag-buenaventura","tag-caribbean","tag-casco-antiguo","tag-casco-viejo","tag-coffee","tag-coffee-in-panama","tag-energy","tag-estate-homes-in-panama","tag-estate-planning","tag-exchange-property-in-panama","tag-fantasy-island","tag-foundations","tag-hydro-electric","tag-investments-in-panama","tag-island-property","tag-islands","tag-legal-issues","tag-offshore-real-estate","tag-panama","tag-panama-economics","tag-panama-hotels","tag-panama-property-exchange","tag-panama-real-estate","tag-pedasi","tag-tax-issues","tag-travel-to-panama","tag-trusts","tag-venado","tag-venao","tag-whale-watching","tag-what-top-do-in"],"yoast_head":"<!-- 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