Real Estate in Panama

By: Laurie Cooper

Real estate in Panama is a booming industry. It is an industry propelled by the right combination of tropical weather and diverse landscapes, favorable business environment, a politically stable and democratic government, safe environs, and a cosmopolitan people. This boom is not just happening in Panama City, real estate in Panama is becoming more attractive from Bocas del Toro and Colon Beaches. Indeed, Panama combines the soothing beauty of Mother Nature and the exciting lifestyle of Modern Man.

Bordered on its sides by the Pacific Ocean and the Caribbean Sea, Panama experiences alternating periods of rainy seasons and dry seasons throughout the year. The variety of climactic conditions in Panama has enabled the country to offer a variety of outdoor activities from land to sea from sun bathing to jet skiing, from hiking to diving, from bird watching to hang gliding. The landscapes are diverse ranging from lush forests to bustling metropolises, from wide plains to high mountains, and from flat land to rolling sea, offering a wide variety of sceneries to choose from.

Also, the country is almost natural disaster-free, which makes real estate in Panama doubly attractive to investors. Real estate in Panama is cheaper than those offered in the region including Costa Rica, the Dominican Republic, Bahamas, Mexico City, Buenos Aires, Sao Paolo, Mexico City, and Rio de Janeiro but at the same quality. Due to the dollarized economy and the low cost of living, a U.S. dollar buys more than it would in the United States, especially with U.S. recession. With the Investment Stability Law providing for 100% foreign ownership, tax exemptions and the absence of heavy business restrictions paving the way for lower costs of property development, multinational companies are expected to relocate to Panama thus increasing the demand for residential and office spaces to accommodate these new entrants. Lower property development costs would, in turn, result to lower real estate prices in the market.

Panama has a low crime rate, making it as one of the safest countries in the region particularly from terrorism. It has a politically stable and democratic government committed to promoting Panama as an international business center, second only to Hong Kong and as an international finance center second only to Switzerland. Thus, real estate in Panama is not only protected from natural disasters, it is also protected from volatile national security concerns, market movements, and asset confiscation. As purchasing real estate in Panama involves getting a residency visa, people buy property in Panama because of the ease with which one can get a Panamanian visa. There is the Retired Tourist visa, the Self-Economic Solvency visa, and the Small Business Investor Visa, among the numerous visas issued by Panama. With all the advantages such as tropical climate, favorable business environment, lower cost of living affording a better quality of life, tax freedom, stable society and government, and warm and friendly people, it comes as no surprise that Panama is a booming country with a rapidly growing real estate industry.

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