PANAMA CITY, PANAMA--(Marketwired - October 23, 2014) - The opening of the largest casino in Central America is set to boost the real estate market in Punta Pacifica, the exclusive waterfront neighborhood of skyscrapers in Panama City.
The casino, due to open this month on the weekend of the 24th in the Trump Ocean Club, will become a central attraction for Panama City and draw luxury buyers and renters from around the world, according to Duncan McGowan, president of Punta Pacifica Realty (PPR), the largest real estate agency focused on Punta Pacifica.
In response to the casino opening, Punta Pacifica is opening a satellite office in the Trump, providing boutique investment, sales and property management consultation.
"The casino will give the Punta Pacifica luxury property market a jolt of energy," McGowan said. "It will help solidify the Trump as the cultural and social center of the neighborhood, and introduce the tower to more people."
Sales and rental prices in the Trump have started rising over the past year, according data compiled by PPR, the largest sales and rental agency in Punta Pacifica. Prices for a one-bedroom apartment in Trump have risen 13 percent in the last year to $3,450 a square foot, up from $3,050 a square foot a year ago.
After sales collapsed in the wake of the economic downturn, Trump is selling approximately $6 million worth of apartments per month, according to data released by developer Newland Properties.
"There is no MLS in Panama, so many of the best deals can only be found through our exclusive relationships in the Trump," said Punta Pacifica managing director Jeff Barton.
The new Trump casino, which is operated by South Africa-based Sun International, will cover 60,000 square feet and include poker, baccarat, blackjack and roulette tables. A top floor in the tower will be reserved for private, high-roller gamblers.
The sail-shaped Trump Ocean Club, which opened in 2011, is the centerpiece of Punta Pacifica, an exclusive enclave of luxury condominium towers perched on the edge of the Pacific Ocean. Master-planned as a quiet community surrounded by all the services and excitement of Panama City, residents are within walking distance of high-end shops, restaurants, banks and a world class, John Hopkins-affiliated hospital.
About Punta Pacifica Realty
Punta Pacifica Realty is the premier real estate expert in Panama's most exclusive luxury condominium market, Punta Pacifica, on Panama City's spectacular waterfront. With a reputation built on credibility, trust and established roots in the market, Punta Pacific Realty has handled more than $460 million of real estate sales in Punta Pacifica and manages the majority of the luxury apartment rentals in the neighborhood. www.puntapacificarealty.com
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