You gotta love the wanker! he really has no clue. His logic is retarded. Because there are over 1000 new building permits that means the market can't go down. huh??? well, you know what they say about military intelligence...
Despite the fact that this is a corrupt third world backwater with a stinky polluted bay, diablo rojo fumes and the lack of any public transportation or public services, people still believe the hype from the promoters and think that foreigners will want to move and retire here en masse; irrespective of the price. They are buying into their own bullshit. Sure, foreigners will move here, Panama does have it's redeeming qualities, but they are simply not moving here fast enough to fill all these condos they are building. Not even close. and certainly not at these prices.
Sticker prices in Panama are now higher than Miami. only the prices in Panama are all artificial. There is no turnover at these prices. Sure the odd dumb, rich gringo shows up in town and grossly overpays for some property. That's what keeps the dream alive. The problem is there just aren't that many dumb, rich gringos around anymore. The US mortgage crisis has put an end to that.
Right now you can't tell a Panamanian that his 150 Sq. meter apartment is not worth $500k. He won't believe you; he is convinced - but he is also leveraged. Everyone has bought into the lie. They are soon to be in for a huge reality check. The market is teetering on the brink of a massive collapse. Many of these half built towers you see around town today will stay that way forever. They will never be completed. And the abandoned skeletons of these half built skyscrapers will serve as a constant reminder of this foolishness.