VOICES FROM THE CONSTRUCTION AND REAL ESTATE SECTOR
Can you give us a short synopsis of the company's origins?
Dream Properties started in 2006, intending to leverage the real estate experience with a different business model. In Panama, people traditionally constructed to sell. There was no property market strictly for rent, so we saw the opportunity to develop a portfolio of properties that generate income in the long term. In Panama, unlike most places, there was no problem when the great global housing crisis happened in 2008. In consequence, Panama became ideal for long-term investment. We understood how to capture that market, building a portfolio of properties, structuring the projects financially, and building and operating them. This is the current Dream Properties model. Nowadays, we are in self-storage, commercial, and office properties, and one of our landmark properties is Dream Plaza, a mixed-use development in Panama.
How do you evaluate Panama's business environment?
Private companies are the muscle of development in Panama, and they do it very well. The country has a stable currency, political stability, and security. You can live peacefully in Panama. The primary resource of Panama is the canal, but the country has been able to diversify because it is has several strong economic points such as the service industry and a free zone that is undergoing renovation. Also, Panama has exports, mining, and air connectivity.
What does Panama mean for the company?
Panama is an excellent market for our business, and we have been proudly serving the local market for over seven years. Our first branch opened in the heart of San Francisco, then we quickly grew to four strategic locations in the city and one in Medellín, Colombia. Our approach is quite simple: to offer Panamanians a place to keep their stuff. The team has also grown significantly, almost 40% since the start. We are constantly looking to expand our services in both Panama and Colombia, both of which are significant markets for us.
Why is self-storage a new trend in markets such as the Panama?
The trend has been to expand to meet our guests' needs. Locals need space, and small and large businesses need space. Mega Storage helps everyone reduce their costs per square feet, creating a platform for personal and business growth. We provide a safe, approachable, and professional alternative for them.
Is environmental sustainability one of the strategies you have to face competition in the Panamanian market?
We view environmental sustainability as an internal strategy practice rather than a competitive edge. Our aim is to constantly evolve to what is possible.
VOICES FROM THE CONSTRUCTION AND REAL ESTATE SECTOR
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Spotlight Feature
Success in Sight
ith the election of the new government, Panama's recovery has begun, and the general consensus is that the country is ready to grow to new heights. The new policies, initiatives, and projects being undertaken across the country, in addition to growing FDI levels, have all proven to be extremely encouraging, and businesses across sectors have much reason to be positive and contribute to the country's economic rebirth.
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