Hall Of Fame

Next Generation Partners

Firms To Watch: Real estate

Ana Graciela Medina leads the real estate and tourism department at Icaza, González-Ruiz & Alemán, which advises on project development, tax incentives for investment and the horizontal property regime.

Real estate in Panama

Morgan & Morgan

The team of 'recognised experts' at Morgan & Morgan is experienced in advising real estate developers and investment companies on complex transactions and projects across the residential, commercial, retail and tourism sectors. In particular, the team is widely known for its niche expertise in advising real estate owners on their conversion into Panamanian real estate investment trusts (SIIs) and registration with the Superintendence of Capital Markets, as well as on subsequent offerings on the Latin American Stock Exchange (Latinex) - a key area of strength for practice head Francisco Arias and Ricardo Arias (both of whom also lead the securities department). Senior associate Giselle Moncada is head of firm's office in David, Chiriquí, and is well versed in providing real estate advice to clients in western Panama.

Responsables de la pratique:

Francisco Arias


Les références

‘The team is very well prepared and experienced.’

‘They deal with our requests rapidly and show a great sense of responsibility.’

‘Excellent knowledge of the subject matter and a professional and efficient service.’

Principaux clients

Grupo Roble


Grupo Verde Azul


Grupo Provivienda


CM Realty


Hacienda Santa Monica


Principaux dossiers


  • Advised Green Tower Properties and its shareholders (the owner of 95% of the MMG Tower building) on its conversion into a Panamanian real estate investment trust or sociedad de inversión inmobiliaria (SII) and its registration before the Superintendency of Capital Markets of Panama (SMV).
  • Advised social housing developer Inversiones Inmobiliarias Casas Grandes, as sponsor, on the constitution and registration before the SMV of an SII.
  • Advised Ithaca Investment Trust, the owner of 213 units of the JW Marriott Panama, on the registration of a revolving programme of senior secured bonds for an amount of up to $40m with the SMV and their listing on the Latin American Stock Exchange (Latinex).

LOVILL

Counting a host of local and international real estate developers, investors, high-net-worth families and retail and hospitality companies among its clients, LOVILL's real estate practice is active across the board. The team frequently assists with the lease, sale and acquisition of properties and plots of land and the incorporation of real estate assets into the horizontal property regime. Its recent highlights also include assisting with the development of residential properties, including advising on construction contracts and agreements for the sale of completed units. Founding partners Elizabeth Heurtematte, who leads the practice, and Isabel Cristina López bring expertise spanning corporate, financial, compliance and litigation matters to the team, while Alejandro Fung is also well versed in handling real estate transactions.

Responsables de la pratique:

Elizabeth Heurtematte


Les références

‘Great approach to problem solving and bringing their experience to bear in the market.’

‘Alejandro Fung is very responsive and always does his research when analysing a problem in the sector.’

‘We mainly work with Alejandro Fung. We appreciate his business approach to our legal matters and his proactivity.’

Principaux clients

Urban Developers and Investors


Pearl Island


Isthmian Investment Corporation


Reload Group


Atrio Mall


Mexichem Panamá


M&A Capital


Hacienda San Jose


Corporación Medsa


Financiera Autocash


Principaux dossiers


  • Advising Urban Developers and Investors in connection with the construction agreement to develop its first residential building in Panama.
  • Advising Pearl Island, the developer of a luxury resort located on a private island in Panama, on the incorporation of a new building in the resort into the horizontal property regime.
  • Advising Pearl Island on the segregation of a plot of land from the horizontal property regime.