Trump building raises standard for luxury real estate in Panama

A brand
new seventy storey tower officially opened in Panama City this month raising
the standard for luxury property in Panama.  The Trump Ocean Club bears the name of one of America’s leading
entrepreneurs and is one of the tallest buildings in Central America.  The newly opened tower also boasts some
of the most expensive property in Panama and neighbouring countries.

Brand new Trump building ‘setting new
standards for high end apartments’

The
brand new Trump Ocean Club in Panama City opened this month and, according to The National, is ‘setting new standards
for high end apartments in the city’. 
The sail like structure is reminiscent of Dubai’s Burj Al Arab and at
seventy storeys is one of Central America’s tallest buildings.

Before
the global financial crisis, over 300 towers containing 40,000 apartments were
in the planning stages in Panama alone. 
Investors were increasingly turning to ‘the Miami of Central America’ as
recently as 2008, when many of the projects were put on hold as world property
markets began to struggle.

Luxury property in Panama is first
international development bearing Trump name

The
Trump Ocean Club is the first completed international project bearing Trump’s
name and contains some of the highest prices property in Panama.  The 600 apartments are each prices
between $500,000 (£310,155) and $12 million (£7.44 million) and the project has
been credited with raising the price of property in Panama City.

Whilst
the tower contains hundreds of units it is designed primarily as a
‘hotel-condominium’ development. 
This means that multiple buyers own the various apartments but the units
will be rented as hotel rooms.

The
landmark building has now officially opened its doors and is set to help
Panama’s struggling property market recover after 20 to 40 per cent falls in
values over the last three years.