The cost of the ‘good life’ in Panama for those with the cash to spare is escalating with recreational beach homes reaching as much as $1,800 a square meter.
In a review of recreational living La Prensa refers to Panama as the tropical Dubai as the pice of living in style continues to climb.
Today, these prices for recreational residences exceed values not seen for eight years, when they reached what was then thought an exceptional level of $1 million.
“Depending on the area, the price per square meter for a beach home can fetch up to $ 1,800 leading to a final price of up to $3 million.” Small change when compared to relatively small homes in London, England with a price tag of over $20 million. But this is Panama where many working people eke out a living on less than $300 a month.
The cost of the raw materials used in construction, such as iron and cement, has pushed the cost of the properties near the Panamanian coast through the roof, says the review,
So, the developers are hard at work supplying luxury homes on the Panamanian Pacific coast, and keeping up with the Joneses is getting harder.