I am closely watching Real Estate developments in Panama and it surroundings since quite a while, and it's obvious that year 2007 brought extraordinary record in positive numbers to this matter. 2006 was announcing paths of good horizons in this issues, meaning that is evolving, in my opinion, at a logic non speculative rithm. In this year 2008, I perceive that compared to same period last year we have a decrease in January, and first half of February. Economy is direct connected to RS, and now that is eminent that US economy is in recession, investors are decided to move forward to secure decisions. I think March will show us a growing enviroment in this area, and June or July will bring more record numbers to our Registers. In oposition of what some excelent Panamanian Politic and Businessman but exceptic of this actual RS situations Panama are facing, I dont think we are experiencing RS "Bubble". I dont think will flat in a couple of years. BUT: if Government does not aproove the 20 year tax exception, If GVT pass a migration law that is absurd to investors. Yeah we are facing a wave. Anyway, should go On, not down.