The Panama construction boom of the mid-noughties was one of the largest construction booms in the world ever, and the Trump Towers in Panama City was definitely one of its highlights. Needless to say the industry press covered Panama's growth on a regular basis as it became known as being one of the hottest emerging markets in the world.

Since the boom ended -- as many of you will know -- news on the Panama property market has been a lot thinner on the ground. In fact we have heard next to nothing in the last 2 years. When it comes to Panama no news -- and no reports of cancelled and postponed developments -- is good news. This belief is reaffirmed because of Panama property's popularity with American retirees, and the knowledge that lifestyle buyers have remained active during the crunch.

But finally we have some hard data. The second quarter sales report from Miller Tabak Roberts Securities LLC, brought to us via the Panama Investor Blog of Sam Taliaferro.

$24 million worth of Trump Tower units have been sold this year, including a bulk sale of 27 units for $6.2 million. Such strong sales in such hard times is a massive testament to the popularity of Panama property, even if the average price is a bit low ($230,000 is avg price of bulk sale).

In total 85.7% of units have been sold, totalling $423.8 million in sales.

It is hardly surprising that Panama property remains popular. The economy has continued to grow throughout the downturn, and you have the Panama Canal being expanded. The Panama Canal generates two thirds of Panama's GDP and the expansion, which is due for completion in 2014 will triple its capacity.

UV10, a Brazilian real estate agent has released some impressive figures for the Brazilian property market. According to the agent, the second quarter saw construction grow 15% and GDP grow by 8.8%, while the mortgage market grew 77% in the first half of the year. While the agent gives no corroborating sources, it is not hard to find them elsewhere on the internet.

According to the Getulio Vargas Foundation 50% of Brazil's population (91million people) is now middle class, which they deem as earning between 1,115 and 4,807 reais. Meanwhile some 30 million Brazilians have no home or live in poor-standard accommodation, according to the Brazil Real Estate Developer's Association. This need and the fact that the government is providing subsidised mortgages will generate substantial demand for housing for at least 15 years, according to BREDA.

Since the downturn, more and more -- overseas investor and industry press -- attention has been focussed on the growing need for affordable housing in the world's emerging markets. Whereas before, overseas buyers would be limited to luxury properties, now they have some choice in affordable sectors as well -- especially in Brazil.

While many believe there is massive potential for capital growth in affordable housing developments, others argue that wage growth will limit capital appreciation. Either way, most of today's investors are buying based on rental income rather than capital growth, which is considered a bonus in most cases. It then becomes a tossup over whether holiday or residential rentals will bring the highest yields.

Either way, since the credit crunch wiped billions off property values, stability and safety have become more important to investors than returns, so this will likely make affordable housing investment the favourite.

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