By Indira A.R. Lakshmanan - Boston Globe

PANAMA CITY -- Long a freewheeling shipping hub and offshore banking center for the Americas, Panama is enjoying a building boom on a scale unmatched since the construction of its famous canal 92 years ago.

The country is luring investors and expatriates worldwide, with interest further boosted by the recent approval of a $5.2 billion plan that will double the canal's capacity.

A real estate frenzy fueled by easy credit from Panamanian banks, government incentives, and a saturated US housing market for retirees has attracted speculators and prospective residents from California to Dubai. They are snapping up preconstruction bay-front apartments, highland villas, and the latest luxury development from Donald Trump -- a $220 million residential, office, and hotel complex called Trump Ocean Club, with towers shaped like a yacht sail. Two rival Spanish projects are vying to build the tallest skyscraper in Latin America at about 100 stories. Construction moguls and estate agents say Panama City is a sure bet for investors, offering discount prices for quality of life and healthcare rivaling the United States', more than 100 international banks, tax breaks, and stunning Atlantic and Pacific coastlines.

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Panama has been recently chosen as the best eco-tourism destination by Forbes, making the list of the top 10 travel destinations for the year 2007.

"At Punta Caracol Acqua Lodge, built along the mile-long coral reef off the country's coast, the nine cabins were built of local, sustainable materials like clay, bamboo and wild cane and incorporate renewable energy in the form of solar panels and bio-digesters, which clean waste water. And at Canopy Tower Ecolodge and Nature Observatory, guests stay in rooms at tree-top level, bird watching above the Soberanía National Park.

From New York: $560 on United and COPA Panama."

By Mona M. Sutherland - Latin America Real Estate TV

The coming year is looking good for recent investments in Panama’s real estate and tourism industries. Soon, Panama will boast an even greater number of exclusive clubs, restaurants, and luxury hotels.

A key player in the impressive growth of Panama real estate is the recently arrived Nikki Beach. Nikki Beach, created by Michael Penrod, is one of the trendiest beach clubs in Miami, frequented by celebrities and models. Nikki Beach possesses facilities in Miami and Hollywood in Florida, New York City, Saint Bartholomy in the Caribbean, Cabo San Lucas and Puerto Vallarta in Mexico, Marbella in Spain, Sardinia and Saint Tropez in the Mediterranean, in Morroco, and now, in Panama. Two hotel projects will be constructed and will operate under the brand Nikki Beach, one in Playa Blanca and the other at the Amador Causeway.

Michael Penrod, the international representative of Nikki Beach, was in Panama the first week of December to attend the launch of Destiny Real Estate Sales & Marketing. At the launch party, Destiny Real Estate & Sales presented three real estate developments to be constructed in 2007, which will be primarily promoted to the United States market. The three real estate developments represent a combined investment of 110 million dollars.

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The Carnaval holidays is one of the biggest events in Panama and consist of 4 days of celebration throughout the entire country.

This year the Carnaval will be celebrated from February 17 to February 21.