Majagual
Majagual is a rural residential area located on the west bank of the Panama Canal just 30 minutes drive from down town Panama City. In Majagual the majority of homes are comprised of larger lots, averaging 2000 m2, (1/2 an acre) to several acres in size.
Property in the area Majagual boasts large ocean views and beach frontage within a commutable distance of Panama City, at just 20-30 minutes from downtown Panama City, and just 15-20 minutes drive to Albrook. Albrook has just about everything one could need or want for everyday living including one of Panama's largest shopping malls, the Albrook Mall, a domestic airport, full scale grocery stores, farmacies, video rentals, vet and medical clinics, restaurants and post offices.
More important yet is the demographic-changing development of Panama Pacifico, which sits upon the 1600 HA wich formerly comprised the US Howard Airforce Base. Panama Pacifico is located just 4 km from Majagual. Panama Pacifico is essentialy a new city, complete with industrial, commerical, residential, and recreational areas including a Greg Norman Signature golf course (to be constructed) and an expansive sports complex (currently under construction). There are currently more than 200 companies who benefit from the special labor and tax incentives offered by Panama Pacifico, among those companies are Dell, Caterpillar and 3M. When completed, Panama Pacifico is to employ 40,000 people and be home to 60,000 residents.
The real estate located along the West Bank of the Panama Canal, was not available for any type of development until the Panama Canal was turned over to Panama in the year 2000. Since then it has continued to show a very promising trajectory in terms of development and appreciation. The type of developments that have been occuring in the area include:
- Panama Pacifico
- Playa Bonita Intercontinental Hotel
- Playa Bonita Westin Hotel
- Casa Bonita an exclusive residential tower with prices averaging 3000-4000 USD per m2.
This type of development, along with the breathtaking views of the Pacific Ocean and Panama Canal, and the proximity of the real estate along the West Bank of the Panama Canal to Panama City, it is inevitable that this area will soon prove its worth as a real estate investment.
