Nice things to do include a visit to the Amador Causeway (a wavebreaker
converted into a tourist magnet, which connects three small islands
to the mainland) to grab a bite in one of the many restaurants it
has to offer, ride a bicycle, watch the cruises at the marina or
to just take a walk in the windy afternoon.

At the periphery of
the modern town you will find the ruins of Panama La Vieja,
the first town founded by Spaniards at the Pacific in 1519 and destroyed
by Pirate Henry Morgan.

Everything sounds great.. but traffic congestion?

The New Balboa Avenue expansion will be ready for April of 2009.

Traffic jams are a part of daily life in Panama City, where there are over 330,000 vehicles of the 640,000 total in the entire country. About 70.000 vehicles use Balboa Ave every day and about 54.000 use Tumba Muerto at the intersection with Cerro Patacón and Villa Cáceres.

So, what's being done to release this congestion? This month, in July 2007, an inter-institutional commission will be formed to manage several significant government infrastructure investments on highways, potable water and sanitary sewage systems in the metropolitan area of Panama City, San Miguelito, Colon, La Chorrera and Arraijan, in order to coordinate these projects to be completed within the next two years.

Already in the first 2 meetings of this commission they have identified 73 tactically important points which aggravate problems of traffic congestion.

The Minister of Public Works Benjamín Colamarco said that the commission will take the actions necessary to improve traffic circulation during the construction of these public works projects and that they count on the support of the National Police and the Transit Authority to help orient citizens.

Some of the solutions for the 73 tactically important points identified are already being constructed.

The Northern and Southern Corridors are going to be joined from Tinajitas to Tocumen with two main roads, one that goes down towards Villa Lucre and another that goes down towards Domingo Diaz.

The first stage is the section that goes from Tinajitas to the Club de Golf, and from the Club de Golf to Villa Lucre and at Domingo Diaz down through Las Trancas. This stage should be done by January of 2008.

The second stage goes from the Club de Golf to Tocumen, where the road has already been expanded to four lanes, of the Panamericana between the Riande Continental Airport Hotel and 24 de Diciembre. This section should be done by January of 2009.

The amplification of the Pan-American Highway to four lanes to the East of Panama City. This section will be put up for public bid in August 2007 and runs from the Hotel Riande Airport towards Pacora.

Panama City Beltway: For the first time it will be possible to drive around Panama City in the summer of 2009 by leaving from the Albrook Bus Terminal and entering the Northern Corridor as far as Tinajitas. From there take the new road leaving the Northern Corridor toward the Tocumen Airport and then follow the Southern Corridor until Via Israel, where at the tunnel of Las Esclavas you will be able to take the new Coastal Beltway road, and then from the 3rd of November there will be a new road that will allow you to arrive directly to the Avenida de los Mártires (4th of July), Albrook, or the Bridge of the Americas.

The expansion of Transístmica to four lanes from Villa Zaíta to Alcalde Diaz. This project is already being built. This project is expected to be completed by October 2008.

On The Atlantic Coast, Via Transístmica is being restored.

The street that goes from the Cuatro Altos into the City of Colon is being repaired, upgraded, and expanded to four lanes.

In addition in the City of Colon the sixteen primary streets are going to be repaired and rehabilitated.

The Pan-American Highway is being expanded to four lanes in Western Panama province. This project includes the expansion of a 13 miles stretch of highway between Arriaján and La Chorrera, five bridges over rivers, 26 bridges over the highway for foot traffic, and a cloverleaf interchange at the exit of the freeway and the Pan-American where it is being extended to four lanes. That project should be finished in December of 2007 and will benefit more than 500,000 Panama residents.

Vehicle Over-passes in Panama City: There will be nine new vehicle overpasses built at tactically critical points. Already three of these bridges have been put up for public bid and are being built; one in Avenue Domingo Diaz, first in the Acacias, the second at Depot Car and the third front of Los Pueblos. In 30 days two more vehicle overpasses will be put up for bid for the second time because the first bid was declared void.

The first will be on Avenue Ricardo J. Alfaro (Tumba Muerto) and the intersection with Patacón, Villa Cáceres and Avenida of La Paz, which includes a clover-leaf interchange that will improve traffic in that area in all directions, to and from the Centennial Bridge and the traffic using Tumba Muerto.

The next vehicle bridge will be build in San Isidro, which will be a double horseshoe that will accompany the extension to four lanes of Transístmica from Villa Zaita to Mayor Diaz, so as to prevent congestion at the entrance in San Isidro.

The four remaining vehicle overpasses will be located in: the exit to the Avenida La Amistad at the back gates of Albrook and Clayton; one on Calle 50 at the intersection with Via Brazil and Via Israel. At this point there will be a new pilot system used that will allow for continuous flow of traffic and left turns to exit the area of Punta Pacifica and Paitilla. This same system will be implemented in the intersection of Via Brazil with Transístmica in the Paical.

Coastal Beltway and the "New Road": Construction on this project will begin this year and will eleviate congestion on Balboa Avenue and will created 20 hectares of parks for public use.

The Highway from Panama to Colon: The work on this highway will be finished in March 2009 and when it opens people will be able to drive from Panama City to Colon in 35 minutes.

View the New Balboa Avenue expansion project on the following video:

Visit www.panamanewdevelopments.com to get the latest updates of Preconstruction opportunities in Panama Real Estate

Panama's amazing nature, dramatic ocean views, shopping and dining, professional services are found in Costa del Este, with
Tocumen International Airport, the Financial district and medical
centers at just 10 minutes away.

The Developers: Immobiliare, bring more than 30 years of successful experience to this development.
In 1968, Saul Malca, founder of Immobiliare, arrived in Panama and founded his company
with drive, vision, and intelligence.
He proved to be a pioneer in condominium and office construction in Panama.
Malca has since earned immense respect as a pillar of the business community in Panama.
Among
the developer’s past achievements are Edificio Crystal and Torre Bank
Boston, the tallest, most luxurious and modern building of its time, as
well as other significant landmarks.

The son of Saul Malca, Joseph, currently oversees the daily operations of Immobiliare.
Joseph Malca balances the passion, drive and energy of an aggressive visionary with
the humble confidence and know-how he inherited from his father.

Essential Living
Whether you are a body at rest or a body in motion, Essenza is designed to keep you feeling wonderfully pampered. Experience the refreshing treatments of the wellness spa and savor the gourmet masterpieces of the in-house restaurants. If you prefer to
dine in residence, room service is available for every meal.
Housekeeping and laundry services are also available 24/7.

Eco-friendly living at Essenza Panama Real Estate

Apartment units and condo hotel units available.

Apartments:

110m2 (1 bed), 149m2 (2 bed), 167m2 (2 bed), 203m2 (3 bed), 212m2 (3 bed), 217m2 (3 bed), 243m2 (3 bed).

Suites:
68m2 to 77m2

AMENITIES

Full-service, 32,000 square foot world-class wellness spa

Zen style fitness center with yoga and Pilates studio

Solarium

Beauty salon and boutiques

Infinity pool with breathtaking views of the Pacific Ocean and Panama skyline

Children’s pool

Sun deck

Sports area with squash, half basketball, and tennis courts

Gourmet organic and classic fine dining restaurants

Juice bar and New York-style deli

Room service

Housekeeping and laundry services

As
a resident of Essenza, you will also receive a preferred membership
which allows access to the marina, beach residences and various
amenities within The Malca Developments Club.

RESIDENTIAL FEATURES

The developers of Essenza are focused on the elements of modern
living that are important to you. Design. Quality. Function. Life. That
means the best life for you, and the best life for all. They’ve
gathered an array of appliances, fixtures and finishes that are
sophisticated on every level. At the same time, Essenza is plugged into
Eco-responsibility. So you can make an impression on the world, while making less of an impact on the planet.

Your Elegant Kitchen:

Porcelanatto floor tiles

High-end stainless steel appliances, including refrigerator, dishwasher, built-in oven, cooktop and microwave

Granite countertops with backsplash

Stainless steel undermount sink basin

Contemporary custom-built cabinetry with glass doors and stainless finish door pulls

Elevated breakfast countertop

Polished chrome faucet

Your Elegant Baths:

Porcelanatto floor tiles

Porcelanatto floor to ceiling wall tiles

Marble vanity tops with double sink basins in Master Bath

Contemporary custom-built cabinetry

Oversized mirrors

Glass shower and tub enclosure with wooden deck in Master Baths

Designer commode

Designer faucets and accessories

Visit Essenza Panama to receive free information and more details.

Latin America and particularly Panama have been touted by many
property experts as the next hot-spot to find significant rises in
property prices. At this time, Panama has yet to be discovered by
the mass market; making this the absolute ideal time to get in while prices are still very low.

Panama sits in Central America, between Costa Rica and Colombia,
and borders both the Caribbean Sea and the Pacific Ocean. Panama City contains the vitally important Panama Canal - a key shipping lane linking the Atlantic and Pacific Oceans, and is a key source of sustainable income for the area.

This little known country offers something for everyone...
On the one hand, Panama City is the financial heart of Central
America, a banking metropolis, with modern skyscrapers, good night life and great shopping. On the other hand, It also offers virgin beaches, spectacular mountains, first-class fishing and great water sport facilities, with the added thrill of two oceans to choose from!
The weather is wonderful, boasting consistently high temperatures throughout the year...

Investing in Panama

The “Low Down”
Most experts agree that Latin America is THE place to invest if one is looking to achieve substantial capital gains and good yields on property investment. Panama is extremely well placed to take advantage of this investor interest in Latin America.

This is an absolutely ideal time to invest in Panama as prices are still very low.

Here is a website to find good deals on Panama Real Estate Pre-Construction developments

Strong Resale and Rental Market
Panama’s economy has a strong focus on banking; in fact, it is often referred to as the banking capital of Latin America. It doesn’t end their, however; consider also the Panama Canal, a booming tourist industry and ever increasing foreign investment into the country. Add to this mix an increasing in-flux of ex-pats
seeking out its incredibly favourable retiree conditions. So, there are plenty of high-earning and high-net-worth individuals to be found in Panama City.

It’s not difficult to see how these factors make for an increasingly robust resale/rental market. Clearly, this market is based on very solid and positive foundations. Currently the supply of prime location quality real estate is falling behind the demand, which creates an immediate investment opportunity!

Low Purchase Cost.
Panama City is a thriving city and real estate in Panama is correspondingly on the up. However, Panama is yet to be discovered by the mass market, so prices are still low.
You can purchase property from as little as c. $110/ft2, even in prime residential/water-front areas, and from c. $250/ft2 for the ultimate bay-front properties.

This really ideal time to be buying property in Panama… This is the
opportunity ALL property investors are looking for!

Great Borrowing Options Available
Of course, all this investment potential is of no use, without the tools to take full advantage, and thankfully, Panama doesn’t disappoint here, either: High loan to valuation mortgages are available with low interest rates.
There’s a good choice of Panama City banks (e.g. HSBC, Banco General, Scotia etc.) offering 30 yr max term 80% LTV financing to foreigners (subject to status) looking to buy properties in Panama.
These loans typically feature variable interest rates that are currently near their lowest level in over twenty years (currently around 6.25%). Also, there are now more than 150 international banks with branches in Panama.

Solid Economy
Panama City is one of the most modern urban centres in Latin America, boasting around 150 banks from all over the world. Panama is known as the financial heart of Latin America and, as such, ranks as one of the most important banking centres globally.
Of course, also home to the incredible Panama Canal, Panama
commands enormous strategic importance. In addition to this pivotal role within Latin America, Panama also benefits from the lowest inflation rate and hence, undeniably the most stable economy in Latin America.

Stable Currency
The national currency (technically the “Balboa”), is matched on a 1:1 basis with the US$, and for all but minor transactions, the US$ is normally used. Naturally, being allied with the world’s foremost currency has its benefits, and the net result has been monetary and price stability almost unique in emerging markets.

Personal Safety in Panama
Panama is a very safe place to be out and about. In a recent global survey, Panama was given a safety rating in the highest class (along with the United States), thus meaning it’s amongst the world’s safest places. These results come direct from the Pinkerton Intelligence Agency.

Tax Incentives
In addition to all the background factors that make Panama a great investment prospect, one should also consider that it offers significant benefits in financial legislation terms too:
There are significant tax incentives offered to investors in Panama. First, there are no exchange controls in existence. Second, foreign investment is welcomed and can be freely repatriated, so extracting gains from Panama is no problem.
Third, Capital Gains Tax is very low. Finally, 20 year exoneration is also available for property tax on some new construction projects, with 5+ years on most others.

Retirement Benefits
Agencies around the world rate Panama the number one place for retirees, and for good reason. Aside from the “near perfect” climate, personal safety and not to mention the hospitality of the locals, there are a host of additional government benefits to retirees in Panama. Small wonder the real estate market is responding as retirees are buying their second homes there.
These benefits include:

• Importation of all your personal/household goods and a car free of taxes
• Right to import a new car every two years free of taxes
• 25% off domestic and international airline tickets
• 50% off entertainment including movies, concerts, theatre (movie ticket for $2.00)
• 25% off restaurants
• 50% off hotel accommodations Monday-Thursday
• 30% off bus, boat and train fares
• 10% prescription medicines
• 15% off dental and eye exams
• 50% off closing costs for home loans
• 30% off hotels from Friday through Sunday
• 15% off fast food restaurants
• 15% off hospital bills (if no insurance applies)
• 20% off doctor's consultations
• 20% off professional and technical services