New Real Estate Project in Panama
"Vistas de Tolé" comprises a 75 room five star hotel, 276 private residences, 50 condominiums and a golf course.
Tuesday, July 21, 2009
Its Canadian developers announced the start of the first phase of construction, which includes basic infrastructure like roads and electric lines. The first residences will be delivered in the first quarter of 2010, with prices between $175.000 and $325.000.
In light of a better investment climate, construction has resumed of the luxury oceanfront condominium project, after becoming stalled two years ago.
The project consisting of 7 hotels with 855 rooms and condominiums to be built in the Papagayo Peninsula, Costa Rica, will be developed by the Costa Rican company Florida Ice and Farm.
Demand for luxury properties in Panamanian coastal areas has grown and it is not unusual to end up paying up to $1,800 per square meter.
The residential market in Panama City remains stable, with slightly increased demand for Class A buildings at 74%, up 2% on the prior period.
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