Things to Know About Real Estate Business in Panama

By: Cassidy Williams

Compared to the European and the US real estate business, Panama real estate prices are relatively low. In Panama City one can get to buy an executive condo in a high rise new building for $4000 to $2000 per sq. meter. The cost is much lower for an old building.

The condos in Panama consist of a swimming pool, balcony, recreation area, round the clock security, modern kitchens, multiple elevators, marble floors, quality furniture and beautiful views. Single family homes and town homes can be bought for $1500 to $2500 per sq. meter.

Government of Panama allows foreign investments in the country's real estate business. The legal formalities are simple and easy to implement. In case of retirees (pensioners) who rent property; the legislation provides tax rebates and government procedures are done at reduced costs. Many privileges are offered to the pensioners and also opportunities in the banking centre.

The cost of living in Panama is low and domestic help is available in plenty. The government also offers many attractive investment opportunities for foreigners living in the country. Most of the properties have titles or can be titled, title insurance can be bought, mortgages are available and foreign investment protection laws are in force which guarantees the rights of land ownership.

Panama is becoming a popular destination for people to retire, a holiday vacation, for tourists and investors. There is lower crime rate, low cost of living, a good tropical climate and tax rebates, most important it is a US dollar based economy; international banking facility is available and is a free trade zone.

The real estate business in Panama has been very good all through the years; many international real estate firms such as Coldwell banker and Century 21 have franchises in Panama City. Panama has excellent airport facilities, with direct flights to major destinations, technical resources and financial infrastructure which are advantages for the real estate investor. Additionally, Casco Veijo- a city on the Pacific coast has become a desirable place for real estate investment, encouraged by the government of Panama, mainly to restore this historic district.

There are real estate properties located in popular destinations outside Panama city, namely Altos de Maria and Chiriqui. These regions are known for their cooler climates, peaceful atmosphere and beautiful natural flora. Hence real estate in the highlands of Panama is ideal for pensioners.

Bocas del Toro is another popular real estate destination in Panama. Famous for its Beaches, rich Antillean heritage, and unique over-the- water architecture. It is famous amongst the American and European tourists.

In general, it can be said that Panama is a great place to invest, great place to live and a great place to relax.

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