Joseph Haley of Panama has spent over 20 years in the development and construction industry across many facets of the business, primarily in Panama. With his strong leadership, strategic planning and analytical skills, Joe Haley of Panama demonstrates the ability to build and lead high performance results. In the following article, Joe Haley of Red Frog Beach Resort discusses the expected post-pandemic construction boom in Panama, and the potential for the country’s growth.
The only thing louder than the sound of happy vacationers in Panama is the construction the country is currently starting to see! The question is, why is there an expected development boom in Panama?
Panama, especially Bocas Del Toro, will be benefiting from an increase in development thanks to it’s potential in terms of room to grow, the availability of resources in the area, and the construction needs that follow the resulting commercialization of space.
Joe Haley and the Red Frog Beach Resort team are currently working to build the most sustainable resort community in Central America that prioritizes the well-being of residents and guests while preserving nature’s beauty.
In this article, Joseph Haley of Red Frog Beach Resort discusses the reason behind the expected construction boom in Panama.
Why Construction is Booming in Panama
Joseph Haley of Red Frog Beach Resort says that in order to understand why construction might soon be booming in Panama, it is best to go over what leads to such a growth in settlements. Below is a list of those factors:
1. Room to grow
2. Resource availability
3. Commercialization
4. A need for housing
5. A need for educational facilities
6. A need for recreational facilities
7. Inflation & Bear Markets
8. Airlift Access
In order to understand the popularity of Panama iin terms of construction, Joseph Haley of Panama says a closer look at each of these factors is needed.
Room to Grow
Joseph Haley of Red Frog Beach Resort says that without room for development to occur, an area can stagnate and see few new community projects or areas for construction. With over 18 million acres, Panama certainly doesn’t have that problem says Joe Haley of Red Frog Beach Resort!
According to the Economic Development Alliance, there are numerous acres of property, marketable and catching the eyes of corporations.
Resource Availability
According to Joseph Haley of Panama, a city may grow to the point of development anywhere where there is a society or people group settled there capable of controlling more resources than they need to live there.
This is certainly a box which Panama checks! For example, according to the World Atlas, Panama’s natural resources include large amounts of forests that are used in logging, as well as being a leading source for the catching and raising of shrimp explains Joseph Haley of Panama.
With such an abundance of resources, it is no wonder that Panama is expected to enjoy a post-pandemic development boom through commercialization and the construction needs that follow.
Commercialization
Joseph Haley of Red Frog Beach Resort says that commercialization, or the delivery of services and popular new products to a market, is one of the first reasons available land might be developed. Because of the job opportunities and revenue it provides, commercialization is one of the first steps in a construction boom for an area like Panama.
A Need for Housing
With commercialization comes an increase in employment, which sees the rise of Panama’s population count. Because more people could potentially move there, with their families, for employment opportunities, the need for housing has also grown.
By way of filling that need, more homes are being built throughout the area. For example, Red Frog Beach is the largest employer in the Bocas Del Toro Archipelago with over 100 employees servicing and building its resort.
Educational Facilities
After housing has been provided for the new residents brought in by commercialization and new resources, Panama increase in population leads to another development need: educational facilities. With commercial employees often come families with children.
According to Joseph Haley of Red Frog Beach Resort, there are plans to develop more schools in the region.
Recreational Facilities
It isn’t all work and education but no play when it comes to development! With workers and families comes a need for fun and entertainment. The necessity for recreation is made clear by various studies which reported that residents are happy to spend as much as 10% more money for a home located near to a park or recreational facility.
Though Panama is already a great location for this thanks to its natural beaches and the capitalization of the tourism it experiences annually, the country still makes new and recent strides on recreational facility construction.
INFLATION and BEAR MARKETS
With the current world-wide inflationary pressure, investors look to other assets that can offset this risk. In addition, in a bear market, investors can look to diversify their portfolio into real-estate assets. These factors will be important drivers for a potential development boom.
AIR LIFT ACCESS
Investors and tourists are looking to find easy and convenient ways to access remote areas. As airlift expansion occurs, investors are more comfortable in procuring assets in that area. For example, a $72M new airport in Bocas Del Toro means most likely better access to the Archipelago. More competition means cheaper airlift prices and more visitors and investors. This will significantly drive growth at Red Frog Beach.
In Conclusion
In conclusion, Panama is capitalizing on the ample acreage and resources to provide the community with new commercial developments. Panama’s projected construction boom is the result of the area’s enormous potential!
