Thread: Real Estate in Panama

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

Originally Posted by GordonS

Some of our friends are investing in a place called Malibu Beach Resort. Its a gated community on the beach. Has anyone heard of this property? We are considering retiring to Panama but don't want to invest in something not yet built. Have any of you purchased something at pre-construction prices and had good experiences?

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

Salude

Originally Posted by 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

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.

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

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

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?

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

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....

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.

Popcorn, Really?

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.

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.

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.

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.

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. Before I bought a house in the UK I seriously considered renting because I felt the boom was about over. but I picked up a house that I felt would not lose me any money. I think on its sale I would just about break even.

In the US the market has been depressed for an awful lot longer. Before I bought my house in june of last year, I was considering purchasing in the US because of the problems there. But decided against it because of the nature of immigration there. And I had lived in the US before, and felt somewhere different would be better for me in the long run.

At the moment I am considering making cheeky cash bids on a few places in Panama City to test the water in the hope that paying in cash is more certain that a mortgage, and in the hope that someone wants a quick sale. For all those selling, I guess they have the option of renting instead, but that will deflate the rental price - and the decor will have to be right which with some apartments I have seen would require the injection of about $5-10k to make them desirable.

Give it some time in Panama, it will get cheaper.

Originally Posted by 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.

Well put and well said, I have to agree with what you said....

I sold my place last year in the USA... now it woyld be down $125,000 and more and still dropping....

In Canada the boom is still going but showing signs that the bidding wars are over, I would say in one more year it will be very diffrent for both Caanda and Panama by then, as all the USA buyers dry up and liquidy drys up and the banking borrowing gets harder.


Then lots of condos will come on the market to buy, none will seel, so they will try renting them forcing down rental prices, this might take 18 to 24 months though to affect the rental markets....

Originally Posted by MRWOOHOO

Good website, I like virtual tours. Coronado is a very nice place but fairly pricey and full of US citizens.

Panama City and around.

For a "NewComer"
it would be better to r e n t a flat or a house?
Or is the relative difference (ratio)
between prices for buying cheaper than to rent?

Are -again relatively - houses
a better deal than flats (in a Tower f.e.)?

Cheers
Mike

Depends where in Panama you are? If you are in the city I would probably recommend condo living if renting. Out in the interior it is primarily homes.

For what it is worth, I met a part owner of a particular International real estate website in Casco last weekend while giving my friends the nickel tour. He personally felt that Casco Viejo was going to spend the next two years "bottoming out". This person actually lives in Casco Viejo and the website he claims to be a partial owner of is probably one of the largest international real estate websites on the internet.

Well, I must admit I am surprised by how many people I have recently met that are still interested in purchasing property here. I literally have talked with 4 people in the past week that are still interested in condo's. Yesterday I was driving around with a real estate agent that assured me expensive units are still selling as well. ALLOT depends on the area and the price but pockets of the city do still sell. I personally feel that things are getting purchased more out of necessity rather than speculation, which is healthy. People are actually looking to live in the units. I do feel that Panama will probably do better than compared to the rest of the world financially in the future. After watching things fall apart in Florida I still remain skeptical but I do wish the best for this country. Especially since I live here.

So does your opinion still stand about the price that will go down in the next 1-2 year?
I'm new at the real estate market and I would like to know if any of you would have advice for me. I started checking those 2 website (encuentra24.com and panamarealtor) witch seems the more legit in terms of prices. Lots of private companie are trying to sell from there own websites but it seems very overpriced. In the near future (1-2 year), I will be moving to Panama so I want to start checking right now for an appartement in P.C and a house outside but near of P.C. Thanks for helping !

Encuentra24.com has prices that range all over the place for everything. These are mostly local individuals, agents, etc. Panamarealtor.com is probably the best real estate website for this country. It is not just random postings and it seems to show better standardized pricing. More accurate of a representation to what real estate actually sells for. Plus you can see how many hits the different properties got off the internet and how long ago it was posted, if it sold, etc.