Thread: Real Estate in Panama

Buy low, sell high. IMO, prices in Panama are still high.

Several posters before this were right: the prices are coming down in Panama in several areas. That means, for the most part, buying property in Panama right now is more of a lifestyle decision than an investment opportunity.

This does not hold true for all properties - there will always be great deals to find and certain geographic areas with great deals - but it's something to keep in mind if you're looking to come down here.

Now, if you're looking to buy something for yourself, then Panama is a great place to check out right now. There are a good number of owners who are for whatever reasons trying to get out of the market too early - meaning you can get condos or houses on the beach for a fraction of their value. Not quite at fire sale value, but relatively close.

I like your style of investing! Where in the highlands of Penonome?

Whatever happened to Panama's change to allow right of possession (ROP) property to be titled? Two years after the new law and nothing has happened? Perhaps the charges against the ANATI director have slowed things down.

Also, is it true that they are going to reinstate the 20 year property tax exemption?

Jonr,

The law to allow you to be able to obtain title is in fact in effect. I would however recommend a competent attorney, and lots of patience to successfully accomplish the desired results. Regarding the property tax exemption, see the following statement from a local law firm's web site.

In another effort to bolster an already booming real estate market the Panama Government has restored the 20-year property tax exemption on all new construction properties with building permits issued before Dec. 31, 2009. This will of course facilitate the sale of condos that are scheduled for construction that have as of yet not been started. Had this not been extended these newer condos would have marketing disadvantages due to the lack of the property tax exemption.

M.V.

Are there any examples of normal people getting titles for ROP land yet? So far, the promise of titles seems to have done nothing other than increasing the number of fraud/land theft cases.

IMO, if you want beachfront, buy something that extends 250 meters back from high tide and build on the last 50 meters (the titled portion).

I do know of "normal" people that have successfully acquired title on ROP property (in Cambutal), but like I said earlier, they had a good attorney and lots of patience.

The trend for real estate continues it's downward spiral. Here is yet another reason all those empty buildings and thousands more coming online will not be occupied anytime soon. The compression of generations
It seems mom and dad have to support their adult children and People are waking up to the fact that real estate is a bad investment right now. One of the reasons to buy into a 3rd world country is that the prices are suppossed to be a better value, that just is not true of PC. Millions of foreclosures still to hit the market in the U.S. guarantees falling prices. Panama's overpriced housing market looks less and less like a good deal everyday. Rent and have the same lifestyle without any commitment or risk. Things will get worse before they get better!

hi rick,

Your statement of too many apartments only applies to Panama City. There are many place in Panama that have tremendous upside potential.

" Tremendous upside potential"? Please tell us where all these "Many Places" are? People around the world are becoming more impoverished by the day and I don't see them them investing big money in Panama's interior to bring about the " Tremendous upside potential" you speak of. If you have information of a coming real estate boom in Panama's interior please share it with the rest of us.

Originally Posted by fleeted

" Tremendous upside potential"? Please tell us where all these "Many Places" are? People around the world are becoming more impoverished by the day and I don't see them them investing big money in Panama's interior to bring about the " Tremendous upside potential" you speak of. If you have information of a coming real estate boom in Panama's interior please share it with the rest of us.

Well, I probably shouldn't have said many. I don't have RE knowledge of many places in Panama. I was thinking of one place and assuming that there were most likely many. Bad to assume I know.

In my opinion, the place in Panama that does have excellent upside potential is Puerto Armuelles.

It has been ignored for years because of the dive it took after Chiquita Banana left. However, things are definately improving in Puerto. There has been alot more movement in Puerto Armuelles real estate lately. I believe that prices will be rising more rapidly in the near term as well.

Who gives a flying fcuk if a former banana town, mostly within the 6 mile range in which foreign ownership (direct and indirect) is prohibited, with 25,000 inhabitants could have an upside?

Only a complete airhead would buy in a town where ownership is illegal (unless measurement from border has been certified by Panamanian government).

Originally Posted by betsy

In my opinion, the place in Panama that does have excellent upside potential is Puerto Armuelles.

Originally Posted by 2panam

Who gives a flying fcuk if a former banana town, mostly within the 6 mile range in which foreign ownership (direct and indirect) is prohibited, with 25,000 inhabitants could have an upside?

Only a complete airhead would buy in a town where ownership is illegal (unless measurement from border has been certified by Panamanian government).

I am not familar with that town, thanks for info on foriegn ownership. It seems there are pitfalls everywhere to purchasing property in Panama!!