Mari

I've just read through the entire six pages of comments; very interesting.

Australia is now beginning to feel the financial and real estate sting - particularly in the west of the country, which was sure it would be immune to such things due to the long-term resources boom in the area. We sold one of our properties at the top of the market and did extremely well, but now the Australian dollar has fallen dramatically, thereby reducing our purchasing power. It's down heavily against the US dollar and the Euro in particular.

Cost of living in Australia, particularly the west, is high. We had hoped to begin making plans for retirement to Panama, but from what I've been reading here it seems costs are climbing there, too. That, coupled with the drop in currency value could pose serious problems. What to do?

MRWOOHOO

Hi Mari, my personal recommendation would be to take a look. This is still probably one of the best countries in the world to be in as every other economy seems to be falling apart. You still can live cheap if you wish and I believe the US dollar is going to come down as well. A country can only print so much paper before it causes serious damage to the value.

JAN

For anyone interested in buying a beautiful 3 bedroom oceanfront condo in Panama at very reasonnable price: www.yourpanamacondo.com . We are currently renting from them. They own great places.

MRWOOHOO

The rental market is still strong in Panama. Getting people to effectively manage for you, that is the trick. Remember three weeks ago when FOX, CNN, (Mr. D.W.) and other misinformed media said the "US Economy was rebounding"? That is why I don't get my news from TV.

MRWOOHOO

That is a good question. There are not that many people I have had to physically look up to but holy cow. Steven almost blocks out the sun.

MRWOOHOO

It looks like the world's governments are going to attempt to print their way out of the financial disaster they have allowed the banks to create. Hello massive inflation, buy gold and silver, hold off on real estate. This problem is not blowing over anytime soon. The banks can simply hoard the money and are not required to loan it. The result is a temporary gain in stocks and dumping the financial burden on the taxpayer. There is no magic fix to the problem, watch and see. Real Estate is liable to get cheap, even in Panama City.

Mari

I'm thinking of using this firm for my legal financial requirements. Does anyone know them or had any dealings with them? Are they legitimate? Are they good? We're on the other side of the planet and any information would be grateful.
http://www.panamalaw.org/
Thanks.

MRWOOHOO

Hi Mari, you may want to interview with several attorney's while you are visiting. I have a good one if you wish. There are several other attorney's represented here as well.

MultiVista

Financial Crash aLL OVER THE WORLD:
WE SEE DEEPER OILPRICES an lower foodprices.
And coming up soon:
Cheaper Prices to rent and to buy Condos in Panama ?

Cheers MultiVista

MRWOOHOO

It really looks like no matter what the world governments give to the banks and whoever is "to big to fail" things are still heading down hill with no end in sight. This is going to be affecting allot of people that purchased pre-construction as well. People are literally going to be financially wiped-out. I think they will be looking to dump the second home in Panama as quick as possible.

rkar

The prices for real estates in panama are comparatively low than the US or European countries. In Panama City one can get to buy an executive condo in a high rise new building for $4000 to $2000 per sq. meter. Also, the cost is much lower for an old building.

No-Non-Sense-Matt

To quote the smartest investor of all times, Warren Buffett:
"Be greedy when everyone is fearful, be fearful when everyone is greedy."
Greed in Panama has raged on in the real estate market for the last
3 years. It's a very good time to be fearful and to SELL anything you own...
And to WAIT before you buy again. Wait until confidence hits new lows.
Wait until everyone is scared and they are willing to take losses.

I have Panamanian friends who own a real estate company and
they've told me straight up: NOTHING is selling unless it's an killer deal.
And everything has slowed down to a crawl.

A few weeks ago, I saw my lawyers and they told me point blank
NOT to invest in anything. Everyone (except real estate agents) is
expecting the crash to hit Panama.

I think in the next 6 months to year, we're going to see the reverse momentum
in prices. That slide might last 6 months... it might last years...

Who knows?

Point is: RENT unless you find the deal of the year.

Patience will be rewarded,
No Non-Sense Matt

too222muchcoffee

Matt -- enjoyed your post. In fact, I like this forum because i get tired of reading International Living's "everything is wonderful" tone.

No-Non-Sense-Matt

Yeah - I'm there too. That's why I'm here to deliver
some no non sense advice.

I'm sick and tired of reading about "The Goldmine"
known as Panama. LOL... In fact, my friends and
I always joke about the "Goldmine" sarcastically.

Who's saying it's a gold-mine? Those that are selling shovels
of course.

If you invested 3 years ago or before and you've
already sold. Then, YES - you've probably made
a mint.

But, it's time to "Be in the Now". Markets change
and Panama has changed.

Cheers,
N.N.S. Matt

charlypan47

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Reward
Discount off your purchase, cash for referrals, free tours and a reputable licensed company in Panama by your side every step of the way.

You have everything to gain by contacting us today.
kalliernst@knightsbridgeinvest.com

zog

Here's the latest from craigslist...

http://panama.en.craigslist.org/reb/906535245.html

Someone is very certain things will go the way of the US and UK. But when I look at the real estate sites there seems to be less coming on the market also. Prices will come down to get buyers but by how much is anyones guess. 6 months from now we shall see what happens.

Allen

Some criteria for people considering Panama and other Central American countries as potential places to live:

1) Crime
2) Cost of living
3) Infrastructure
4) Political stability
5) Economic stability

Honduras, El Salvador and (yes) Costa Rica have serious problems with violent crime. Nicaragua doesn't, but it is politically unstable, very poor and the infrastructure is bad -- lousy roads and electricity black-outs everyday. This is a huge problem if you live there.

Costa Rica and Panama are the only countries that are politically and economically stable. But Panama has better roads (which is more important than you may think
if you come from a country where you take such things for granted). Also, the general cost of living is higher in Costa Rica than in Panama, as are real estate prices, and, unfortunately, many people I talk to from Costa are moving to Panama because the crime is getting very bad there. In Panama there is very little violent crime, assuming you don't hang around the slum areas of Panama City late at night and stay away from the drug scene, which is pretty dangerous everywhere.

So, I think Panama is the best choice in Central America -- that's why I live here.

On the issue of real estate, here's my take. There were a few years in Panama when speculators made big money buying and flipping properties -- just like everywhere else. Those days are gone. If you are a short term speculator, Panama is not the place to be these days -- try the commodities market.

But if you are looking for a great place to live or you want to make a good long term property investment, then I think Panama is still an excellent place to live and to invest.

My only caveat would be: stay away from the Panama City condo market, because it is going to tank in the next 1-2 years.

Allen Rosen
David, Chiriqui
chiriquicoastal.com

GordonS

Well thought out and a good clear guide for Panama wannabes!

Thanks for your contribution.

__________________
Gordon and Randy,
Canada