I remember vividly a time when real estate in Europe was hot. I was studying economics in Madrid and my professor, a young German guy named Knut, described houses and condos as amazing like toilet paper. But since then, many of those great investments have disappeared like an elephant in a Houdini act, and today, Europe's investors are looking to Panama for answers.

1. A strong currency: With the Euro recently flirting around record highs against the US dollar, Europeans are clearly more inclined to invest abroad. Using online agencies and a plethora of international banks, investing in Panama is even being done from the luxury of home, with several PR firms and satellite companies opening up shop in several major European cities.

2. The descent of traditional tax havens: Places like Lichtenstein and Luxemburg, once notable tax havens in Europe are now under fire and with the EU demanding bank secrecy laws to be changed concerning tax evasion, residents are looking desperately for new, safe locales to position their money. Panama, as an offshore refuge, shows up as a gleaming blip on these radars.

3. The softening of European real estate markets: Once-booming investment markets, specifically in Eastern Europe have now leveled off, to the point that in some cases, real estate earns less than a bank deposit. A region, not but five years ago, deemed to be one of the hottest real estate prospects in the world, is now overheated; these investors are looking for a new spot on the map to get in early, and are turning to Panama.

4. Familiarity: While rural regions like Las Tablas (Los Santos) may not have too many similarities to your everyday village in Brugge, certain coastal areas do have a tendency to remind Europeans of home. And when it comes to city living, many flock to Casco Viejo where open plazas and Spanish/French architecture seem to echo the Europe of yesterday; before prices rose through the roof. Whereas living in the center of the old city might not be financially viable any more in Europe, Casco contrastingly provides these investors with tremendous upside.

5. Increased direct flights: With KLM soon to be offering their new services and IPAT encouraging the tapping of such niche European markets, more and more direct flights into Tocumen Airport are destined to be announced in the near future. This means one, sometimes several less legs on the journey that so many Europeans are already making to the Republic.

When I first moved to Europe, it was pouring outside so I bought a pint of beer in a London pub for $11. Bad weather and high costs of living are also reasons that countries like England have seen more people leaving than ever before. Citizens are simply looking elsewhere for a cheaper real estate and a more affordable standard of living.

While one might assume this European interest is limited to the investments mentioned above, that is not the case. Pre-construction condo sales in Panama City are seeing a revival thanks to Europeans, webmasters are registering increased web traffic from European soil, and tourism businesses are booked thanks to European travel agencies reservations for large groups. And while some may have predicted this influx, I doubt anyone would have expected it this heavy and this soon. Better late than never, real estate in Panama is all set to walk in through the golden phase of prosperity.

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