I've probably heard about the recent real estate BOOM currently occurring in Panama. Perhaps there are Internet sites you've read and sites that are looking for more information on that topic. Or it may be one of those who made decisions already from buying an apartment or a beach house, but I do not know where I want to start my real estate project in Panama, but I need more information. Well, I have prepared this article in a practical and easy way to guide you in the real estate market. This document will help you if you purchase real estate directly in Panama, when you start your own real estate project, or if you fully inform the rise in this real estate BOOM.
What is going on in the real estate market in Panama?
There is nothing preceding what is going on in Panama. The market is growing rapidly, and such real estate development has never been experienced in Japan at the time. Every month, we visit hundreds of foreigners who are interested in purchasing real estate in Panama, city, coast, mountains. The constant increase in the value per square meter is almost a monthly percentage. For example, in January 2006 I was able to find an apartment in Panama City for about $ 1,000 per square meter. This is almost impossible today (US $ 1,200 - US $ 1,400 or more). This is tripling in cities and four times in the rest of the country, creating value per square meter. The major real estate brokerage association foresees that the general value of Panama's land can rise from 30% to 40% over the next three years due to this price rising trend.
Ultra luxury towers with over 100 stories, residential homes of over 1 million dollars, yachts and marine clubs, huge luxury hotels, golf camps designed by well-known international experts, and the top of the line mall It is under construction now. Process to deliver within the next 2 years. We will reform the city's face to an international and international big city. Promoters, individual investors, international real estate companies from the United States, South America, and even Europe started construction of real estate projects that have great influence. Also, many international real estate brokerage companies are currently developing their business domestically in the month. Specifically, seven of the tallest towers under construction in Latin America are built in Panama City within the scope of "Avenida Balboa" (this area is planned as a skyscraper in front of the city's sea) You can say that it is. Aqualina, Aquamare, Vitri, Ocean Two and One, Los Faros de Panama, Ice Tower and so on will be handed over in 2009. Along the towers of hundreds of apartments, we are developing around town. Like the Pacific (Pearl Islands), an amazing beach-lot project, an island resort about the Caribbean (Bocas del Toro). (Boquete, Altos del Maria) is part of the avalanche of the real estate project just beginning.
Which is the real factor that caused this real estate boost?
We know that Panama's real estate market is still hesitant after hostile actions occurred in Panama in 1989 and we know that the majority of the reverse in this field has led to commercial projects. After this event (2000), the leaders of the government tourism department in Panama (led by famous Panama singer Ruben Blades) will take action to start a serious campaign to strengthen the country, 39; s image. Panama emphasizes not only the benefits of international banking services and offshore centers but also the social, touristic, ecological and geographic factors that were not known to other countries of the world, Little way ". This successful campaign was promoted worldwide in major international TV chains, Europe and the United States. In addition, Panama in 2003 announced that a young Panama woman (Justin Pasek) won the Miss Universe contest and returned to the international field. Our country is destiny of tourism and commerce. Between 2003 and 2005, the number of visitors gradually increased as a result of these two important catalysts.
On the other hand, small groups of experts (lawyers, brokers, independent experts) were planning seminars on the advantages of Panama and small real estate tours for foreigners. Several articles published in international retirement magazines (generations called "baby boomers") and overseas second houses are one of the best countries in the low-cost world where you can live at a high standard I came to admit a Panama. All this occurred due to the excellent project aimed at this market for "El Valle Escondido" of Boquete - Chiriqui or "Altos del Maria" in Panama. One of the main drivers of this real estate boost in Panama is that Donald Trump has announced the construction of a 65-story tower named "Trump Ocean" in New York City in Panama City "Punta Pacifica" district Club International Hotel "which occurred on 24th April 2006, the cost is 220 million dollars.In addition, in October of the same year, the national acceptance for the expansion of the Panama Canal was given and in 2009 Construction work began at this time From this point, Panama is real estate investment in the region, the situation is increasing exponentially.
Which is the advantage of Panama as real estate fate?
Well, let's enter the subject. Let's study the benefits provided by Panama. As many foreigners did, you can make a decision to effectively purchase property in our country. From the perspective of real estate,
- * - Panama offers the best bank center in the area. Rapid banking transaction process for deposits and real estate reservations for line banks (HSBC, CITIBANK, BBVA etc) that use US dollars as legal currency and promote foreign mortgage acquisition process.
- * - Panama's immigration law has one of the world's best retirement programs and can become a "resident" within two months. This program offers several incentives, such as the possibility of importing goods and individual values into new property without import duties and import tariffs.
- * - High-speed Internet (there are five major Internet interconnection networks across Panama), excellent services such as cable / satellite TV, public drinking water, extensive telephone service, fixed and mobile phones, utility and infrastructure system.
- * - The opportunity to buy a superb luxury apartment with amazingly low price and ample space compare with the same quality apartments in the USA and Europe.
- * - For periods of 5, 10, 15 and 20 years (depending on the start date of construction), property tax can be exempted to 0%.
- * - Various companies involved in the real estate market and bilingual professionals.
- * - If you are a businessman, Panama's law brings financial benefits to builders and promoters to start domestic real estate projects.
In addition, there are other advantages to considering that it may be useful at the moment of decision-making to purchase real estate, even if you are not directly involved in the real estate business.
- * - In contrast to the state of neighboring countries, Panama is recognized as a high security standard country for companies as Pinnadon Information Office (PPC).
- * - You can hire housekeeping management services at low cost (about $ 150.00 per month)
- * - The latest high-level technology is available.
- * - It is an opportunity to purchase products from all over the world in the colon free zone for the outstanding position of the Panama Canal and transportation of more than 14,000 vessels per year.
- * - In Panama's tax law, taxpayers can not pay the bank's profits and taxes when services and business are done abroad.
- * - An exceptional geographical location for conducting international commerce with rapid access to the Atlantic as well as the Pacific Ocean.
- * - Panama has a low risk profile for natural disasters such as earthquakes and hurricanes.
Whatever Panama's investment, simply immigrating and enjoying life, if you decide to acquire property in our country, it is some of the many advantages Panama can offer.
Which is the most attractive place to purchase properties?
In order to answer this question more, we have to divide the answer in the four groups of Panama City, the mountain, the coast of the Pacific, the coast of the Atlantic.
Panama City
The main seaside view luxury condo is located in Panama City and is distributed like Balboa Street, Punta Pacifica, Costa del Este. The area known as "Avenida Balboa" is an icon for real estate development in Panama. The reason is due to the construction of an excellent luxurious residential apartment of 100 stories high-rise building concluded in 2009. Balboa Avenue can quickly access the whole city and the banking area Regarding the main road, considering that it is a coastal boulevard, 100 meters away from this area, restaurants, bars, hotels, There are several facilities. European promoters, Americans and South Americans are foreseeing the possibility of real estate in this area, which is equivalent to the condos phenomenon in Miami in the 1980s. The "Punta Pacifica" area was developed at the airport in the old city (because it was adjacent to the Pacific coast and was in the city). This area was specially designed to provide answers to residential real estate demand. This area has a beautiful project and a high standard apartment tower. There is also access to "Punta · Pacifica" hall (Multi Plaza · Pacific), hospital (John · Hopkins hospital), corporate building, highway (Corde · sur ·), access to the international airport is possible in 15 minutes . There is also this department in which the trump structure and the K group procure promoted real estate projects. Another area that foreigners want is Costa del Este.
"Other cities" are understood and designed for the development of apartments and the closure of residential areas. It is the perfect place for foreigners to fully immigrate to Panama. There are all schools, halls and wide streets in this area. This sector offers several real estate with amazing views to the sea and city located 5 minutes from the city and only 10 minutes from the international airport. It is also important to emphasize that the development of this gorgeous tower is not limited to some of these areas. There are urban planning in the area of Punta Pai Tira, Cocodermal, San Francisco (both in front of the ocean), and residential areas beautifully developed around the Panama Canal such as Albrook, Clayton etc. The height of the quarry .
Mountain range
A wonderful mountain project with a cool climate ranging from 18 ° to 20 ° (64 ° F to 68 ° F) was developed in Panama, Kokure, Chiriqui. In the province of Panama, the most typical mountain project is located in the Sora district about 75 minutes from the city and is known as "Altos del Maria." This project consists of well-organized foreign communities with utilities and spectral landscapes. There is another area of urban development known as "Tierras Altas" (High Lands) in the state of Chiriqui (Volcan, Boquete, Cerro Punta). Among these, Boquete is one of the most relevant real estate centers in the United States, considering the real estate project with surprising mountains and the wide supply of houses. Boquete was recognized by experts in this field as one of the best places for world retirement. In this area, I am most concentrated among retired foreigners. Finally, in Cocle State you will find an area called "El Valle". El Valle is on the extinguishment of the volcano and offers perfect weather, rivers, waterfalls and tourist attractions. El Valle currently takes measures to become the most desired area in the field of mountain real estate thanks to its proximity to facilities, infrastructure and Panama City (1 hour 45 minutes).
Pacific Shores
Supply of the lot in front of the sea began in the Pacific coast of Panama's province and continues all the way to the central provinces. Most Panama luxury families have beaches in this area. Because it is close to the city (45 minutes). On this coastline there are residential areas such as Came, Coronado, Punta Barco, San Carlos and Gorgona. In these beach residential areas, one of the best professional golf camps in Latin America, a pool, a beach club, a horse riding club, several restaurants, a number of houses and apartments etc. In front of the regional sea called "Coronado" In addition, on the coastal coast of the Pacific Ocean you can find the area of Playa Blanca. Since the development of the macro hotel project called Royal Decameron (Royal Decameron) in this area, the infrastructure and the general environment are growing greatly. At Playa Blanca you can find various real estate projects right next to the casinos, pools, restaurants, bars, discos, beach clubs and beaches. Finally, I will introduce the experience at the seaside of Los Santos (Pedasi) and Veraguas, including Playa Arenal, Punta Mala, Playa Venao. Many foreigners (mainly Europeans) are fresh destiny looking for great land in front of the sea.
Caribbean coast
In this area, you can find similar real estate properties on the Pacific coast of the central state. There are several features on the front of the ocean, next to the beach there is a hectare with a vast expanse. This area is 2 hours away from Panama City and has an option to purchase in the well-known colon free zone. On the west side of the country there is a gigantic area of Bocas del Toro and a coastline of the Caribbean. In Bocas del Toro, the property next to the ocean and in the middle of the island is amazing. A wide variety of international real estate companies started the project in the clear waters of Bocas del Toro. Bocas is one of the most famous tourist destinations in Panama, only one hour and 45 minutes by plane. It offers great night life, restaurants, hotels, tours around different island areas. The coastline of Bocas del Toro is the most real estate option for Caribbean retirees and pensioners. The best areas of Bocas del Toro include Coron Island, Boca del Rago, Red Frog Beach and Playa Laga. A residential project, also known as Red Frog, provides international incentives to provide incredibly ingenious development for foreigners on one of Bastimentos Island's Bocas del Toro's most beautiful islands It was refurbished in various fields. This project has a marine club, a restaurant, a house, and an amazing infrastructure.
Islands
The most famous island group is in Bocas del Toro. As already mentioned, we offer a wide range of real estate projects in the Caribbean, which is a scenario of several TV series that are broadcast all over the world. The most important islands of the archipelago are Coron Island, Basilithos Island, Isla Soralto, Isla Cristobal, Isla Popa and Isra Zapatira. Likewise, we can find several small independent islands for private owned projects. Bocas & # 39; Islands have amazing ecosystems for scuba diving, marine activities, bird watching. Another group of popular islands is the real estate market in the archipelago of the Mosquito Bay, in front of the Pacific Coast of Chillik Province. This bay is given the title of the ecological protected area as a result of the diversity of marine animals discovered in the area by the Panama government. Most of the islands are registering real estate titles that enable quick purchase. The surroundings of these islands are famous for Black Marlin fishing as one of the best places in the world. Pearl Island is located in Panama Bay 3 hours from the sea and offers groups of over 35 beautiful islands with spectacular landscapes surrounded by coral reefs and extensive vegetation. The beauty of this area attracted the production team of popular reality show "Survivor" which was filmed several times in this area. Finally, in the Pacific Ocean "Coiba" island (previously the prison was abolished and now is the national park) can be found. Small islands such as the main islands and Isla Iguana become top destinations for scuba diving and water sports.
What should I do when purchasing real estate in Panama?
As a final hint, we recommend practical recommendations for purchasing real estate in Panama.
Recommendation 1 : You can visit the project yourself, but I encourage you to avoid meaningless price rise with the help of professionals who can properly introduce you to the promotion.
Recommendation 2 : If you are not proficient in Spanish, ask the promoter to get a contract in both Spanish and your mother tongue to do all legal transactions.
Recommendation 3 : After booking your property we immediately ask for the signature of the receipt and Promissory Purchase-Sale contract.
Recommendation 4 : Once you sign this agreement, please reconfirm the deadline for prepayment of your property's outstanding balance. If you miss one of these, you are already exposed to losing money you paid to the promoter.
Recommendation 5 : Try to make quick decisions on getting properties. Once you reserve it, the price will be frozen. Due to the current demand in the market, the price of the apartment rises at the monthly rate.
Recommendation 6 Once you have booked your real estate, look for advice from lawyers or real estate broker experts and make sure that all the documents and contracts are from the registration process.
Recommendation # 7 Let's think about the possibility of robbing your property from a corporation in Panama. They are quickly adopted, fairly cheap, easy to manage. If you use a corporation to acquire assets in Panama, the transfer of Panama will be promoted in the future.
If you need other assistance to acquire real estate in Panama, please do not hesitate to contact us.
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