Panama realestate, the country’s biggest property developer, said its plans to build five luxury homes in the state of Bahamas were being reviewed by the government.
The Bahamian government said it would review the project in the coming weeks.
Panama is the only country in the Americas that has a strict ban on foreign ownership of real estate and there are strict regulations on the sale and sale of real property, including restrictions on the use of a public forum.
Panamanian real estate is booming in the wake of the global financial crisis.
The country is the world leader in real estate sales, with an estimated value of $8.6bn (£5.8bn).
The country’s economic growth has been a source of consternation for the authorities in recent years.
They have long had concerns that foreign investors were taking advantage of poor infrastructure in the country.
PanAMA said the houses were part of the construction of a new residential development called the Panama City Centre, a multi-million dollar development in the Bahamas’ capital.
The project will include 1,600 luxury apartments, a hotel, restaurants, shops and an event centre.
Panamacans are encouraged to buy the properties to help create jobs, and to help them attract foreign investment.
Panamas real property agency, Panamanian Association of Development Companies (PACED), said it was reviewing the development’s development plans.
It has been widely criticised for being opaque and lacking transparency in the bidding process, and has led to accusations that Panamanians are paying inflated prices for their homes.
PanAmama real property has faced a number of problems in recent months, including the collapse of its real estate arm, PanAmartemporic Properties, in February, when it was found that it had not followed all of the rules in order to sell its property portfolio.
The Bahamas, a popular destination for international tourists, was one of the worst affected by the collapse, with many people fleeing the country as the real estate market collapsed.
The country also suffered from the economic recession and the recent closure of the Panama Canal, which has led the country to lose millions of jobs.
Panamartemplic Properties was the largest real estate company in the Caribbean before the collapse.