Leading up to 2009 it appeared that Panama may have been fortunate to escape the severe economic and real estate downturn that had been devastating other markets around the world. Unfortunately Panama was not immune and the start of 2009 saw a steady decline. Occurring much later than other world markets gave Panama the advantage of taking any necessary steps to avoid a severe downturn and following approximately 6 months of decline, the market has now started to level. The sector hardest hit by the economic downturn has been luxury housing, predominantly reliant upon the foreign buyers m...
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