This article tells a tale that should concern the many developers, speculators and property buyers in Panama. Yes, I know that Panama is different and may very well avoid the bust that has engulfed much of the rest of the world and what happens in some places doe not necessarily mean it will happen here. After all, we have mega projects going on that will continue to drive the economy while the rest of the world suffers. There are pockets of prosperity in the world and it may be that Panama will remain one of them, but when reading this story I can't help but picture the worst case scenario of unfinished projects and people left holding the bag because of greed and hype.
Excerpt; “Welcome to life at the half-builts, the many projects large and small that sit largely vacant and partly completed - left high and dry when the housing market tide went out.”
“Experts say the wave of speculation that peaked at the end of 2005 - when the median resale price of a home was $322,300 - caused a spurt of construction at prices nobody could pay. According to figures released Thursday, the median resale price in June was $172,400.”