MRWOOHOO

I have to agree with you on the housing situation. Many countries, especially the US, are in DEEP DEEP trouble. Panama has generally been a place to purchase that second home for the retiree's since the late 90's until recently. I think the demographics of real-estate buyers will be changing. People will be younger and looking for primary residence. Probably renting as inexpensive as possible in Panama City.

chicagogrl

Actually, I went to Gorgona Beach few weeks ago and I was able to see the Malibu Project first hand near Gorgoan Beach. First of all this project is NOT on the Beach ther is a road between some private homes and some lots, there after are more lots, then is the dirtiest not maintain at all gorgona beach there is also some decrepit small cabins on the beach that for their use you pay $5.00 these things are empty dirty and with some old rotten logs that you may use for seating, my Honest observation is that if you looking for some real Malibu then you must go North West to California

MRWOOHOO

I like decrepit cabanas, lol. Just curiously, did you see any "Sold" signs anywhere?

Salude

jwr2001

I would have to disagree. This gated community is on the beach and also the Chame River goes by one side of the project. There are model homes up and infrastructure in place. I think this will be a wonderful project. Take a look at it at www.malibu..com.pa and on www.facebook.com. Search for Malibu beach and park resort.

MRWOOHOO

Are the homes in Malibu selling well or has it slowed down to a trickle?

jwr2001

I have heard that sales have slowed but not sure if it is down to a trickle.

MRWOOHOO

Thank you for the input, I am wanting to know what people have seen or heard. Any other comments from any members would be appreciated. Does anybody know where accurate stats on home sales can be found? By region would even be better. The way I currently gauge the real estate market is by cruising the property for sale on the different websites and look for "Sold" signs. I have not seen many on much of anything lately. I do notice the rental market is REAL strong in Panama City. I have met an expat that purchased an $80K condo and is renting it for $1500/month. That is a nice return on your investment.

Salude

Ginger

Hello,
I have read there is a "Squatters issue" in Costa Rica, when any local could legally and forever occupy foreigner owned property after the foreigner's 3 month absence from the country.
Does Panamanian law protect the foreigners rights for the property, as in the USA and Canada?

panamaoffshorelegal

Go here if you want to check out an awesome site about Panama real estate . I think it's the best real estate site in Panama.

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GordonS

My wife and I visited Malibu last Thursday (April 24) Not a lot going on. About 10 showhomes built. Two watchmen (?) resting around the showhomes. No construction equipment anywhere. The only road is the main entrance road which circles to the left in front of the showhomes and then a return back to the main entrance. No other roads exist except the approximately 400 meters from the front entrance and back again. Malibu is quite a distance from the beach.

Our realtor (from Panama City) who sells homes there felt that there was such a huge expenditure on the advertizing that money which normally would have gone to infrastructure and general construction has been burnt up. She is very concerned about the future for Malibu. I'll put up some photos in the next few days.

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MRWOOHOO

That is what I was wondering about. Thanks for the input Gordon.

swiss

if you want to have a real overview about the Panama Real Estate market,
visit Encuentra24.com , there are more than 10'000 properties from agents and owners, and you can get a good idea of prices, and benefits of buying or renting....

MRWOOHOO

I do spend allot of time there as well as www.panamarealtor.com. Probably the best two real estate sites for Panama. Craigslist is also good.

liowkc

I think the big money has already been made by the early birds; but with careful investment in value-for-money apartments at good locations, there are still money to be made. And the rental market can be quite lucrative with the increasing number of expatriates.

MRWOOHOO

I agree there is money still being made with the $150K or less in a good neighborhood. There are some things to think about, all of the pre-construction expensive stuff is getting finished and they are going to have a hard time selling because of the credit crunch. The only logical step will be to rent and that could cause a flood of high-end rentals that could cut into the lower end market. As an example (I dont have the article) I have heard in Miami there are condo's that would originally rent for $10K a month are now accepting $2500-$3K per month just to get something. If condo's that would normally get $4K per month now accepts $1500, ooooopppsssss!!! Things have just gotten cheaper. Only time will tell if Panama is overbuilt. I really do enjoy the city and the skyline is attractive.

MRWOOHOO

Popcorn, Really?

Latortura

I think personally there are still pockets for good investments regarding the real estate in Panama. It depends on how big you want to go. I have been looking at opportunities there and for the average Joe who has a nice chunk of Capital can make a nice medioum to long return on their investment. If you are looking for quick bucks you really have to be there twenty four seven to scour through red hot opportunities.

zog

I have been following encuentra24 and some other sites since August 2007. But I can never seem to agree with the prices of the properties. I often look at apartments listed at $180k and think I would pay around $160k. There are an awful lot of apartments and pre-construction in Panama City but even now I still see prices going up on some places. I cannot see the justification for this in the world market. My property in the UK has lost some of its value. I purchased it at a good price, and sold another property at the height of the boom. But now, after the work I have done to my property I would be lucky to break even on it. It is the way the free market works. With the situation seeming to be worldwide I find it hard to justify some of the prices I see on encuentra24. With the way the world market is, I would not want to spend money on pre-construction at all.

The free market would dictate lower prices for properties in Panama, or at least the owners agreeing to sell at under the listed value.

zog

There is one house that I have seen. it has been on the market for at least 8 months. The price has not gone down at all and it is still not sold.

MRWOOHOO

Keep in mind the housing bubble just burst here. Panama is about 6-9 months behind US, Europe, and other countries for "feeling the burn". As you look at all the real estate sites in Panama you will see PLENTY of inventory that is not moving. Just like Florida people are still trying to hold the prices that they are asking for. Give it 3-6 months and you will see stuff start coming down in price. You already see it happening in Boquete.

zog

I suppose there is some truth to that. The actual housing bubble burst about January or February in Europe. But all the news and tv programs about it didnt begin until about March. In the UK we have been bombarded with housing market decline programs for a few months now. But there were rumblings long before that in the winter of 2007 - but because most properties are sold towards summer time no one really paid attention until about March of this year