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Transparency In Panama’s Real Estate Market Improving, Yet Still Low, According To “Real Estate Transparency Index”

Panama was one of seven Latin American countries to see transparency improve in real estate markets over the past two years, according to Jones Lange LaSalle’s “Real Estate Transparency Index.” Panama was among the ten “most improved” real estate markets on the list, which is based on five sub-indices: performance measurement, market fundamentals, listed vehicles, legal and regulatory environment, and transaction processes. Despite Panama’s improvements, the country was still categorized as having “low transparency in real estate markets,” and placed 62^nd out of the 81 markets listed on the index.

While corruption and lack of transparency are still major issues in Panama, the significant gains in the index over the past two year exhibit the major changes occurring in Panama. According to the transparency index report, Panama’s improvements were due to several factors, including the country’s strategic location in the Americas, economic and political stability, favorable climate and cost of living, and the availability of capital for real estate development.

For more information, read the full report here (registration required).

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Construction To Begin On New Luxury Eco-Resort In Bocas Del Toro

A new luxury eco-resort, Emerald Monkey, is scheduled to break ground in Bocas Del Toro this month, for completion in 2010. The resort, billed as the first zero-carbon luxury resort in the world, will feature 1, 2 and 3 bedroom villas with private plunge pools and garden terraces. According to the developments website, the resort will be receive electricity exclusively from hydroelectric dams, will utilize chlorine free natural saltwater pools, and will obtain drinking water from local springs. The resort will also operate an organic farm on the premises, and will feature a market with locally grown and organically produced produce and fruit.

With relatively few eco-resorts in Panama (in comparison to Costa Rica), it is good to see developers increasing the focus on eco-minded tourists. Claiming carbon neutrality is an ambitious goal for any development, and if the development continues as currently planned the Emerald Monkey resort could be a very unique experience, and hopefully increase environmental standards and awareness among developers in Panama.

With any “eco” development, environmental benefits can often be exaggerated and “greenwashed.” In the case of the Emerald Monkey development, claims for one hundred percent hydro power do avoid releasing carbon pollution, yet could also have negative impacts on local biodiversity. While the “handmade bungalows” that make up the resort are to be handmade from sustainable materials, they are also shipped from Bali, which is likely to be carbon intensive. Despite these potential exaggerations, claiming carbon neutrality is an ambitious goal, and hopefully start to set a new standard for sustainability in Panama resort developments.

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