Thread: Real Estate in Panama

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.

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.

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.

Originally Posted by zog

and why is the big guy in real estate when he should be playing Basketball in the USA?

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.

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.

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.

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.

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

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.

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.

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

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

Originally Posted by too222muchcoffee

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

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

Our large international real estate company based in Panama seeks investors, retiree’s vacationers who are in the market or has friends looking to purchase property in Panama.

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

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.

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

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

Thanks for your contribution.

I've relocated from Michigan to Mexico, then to Florida and now Texas......because I seem to be doing this by the seat of my pants (and making mistakes), does anyone have a good approach to finding the right area and home in Panama? My criterion for this search is mostly limited by dollars available, as well as a safe and secure area. I would value input from your experienced residents and expats.

I started out reading about the country via books and online forums. I would suggest writing a Needs/Wants list --- with price range. For wants (preferences like --warm/cooler, little traffic, etc. Needs: size, price, important things to you like -- proximaty to medical facilities, etc.

I would then come and try to spend some time seeing different parts, and perhaps corresponding with a real estate agent or two. Just to get a feel for the market.

I would just try to figure out what area(s) you like the most, which narrows down your searching on your next trip. I am in this process myself -- i am here in panama for my second trip -- i did meet a couple of good real estate people that i plan to keep in contact with via email. Feel free to PM for names.

PS i live in texas too ---what part are you in? Good Luck

thx for your excellent info....i am located in harlingenTX down on the tex/mex border. will attempt to pursue my next relocation with a more disciplined approach..hahaha

Originally Posted by nochalkmarks

I've relocated from Michigan to Mexico, then to Florida and now Texas......because I seem to be doing this by the seat of my pants (and making mistakes), does anyone have a good approach to finding the right area and home in Panama? My criterion for this search is mostly limited by dollars available, as well as a safe and secure area. I would value input from your experienced residents and expats.

are u buying? or renting?

if buying, then if u want to be close to fun then el cangrejo or bella vista or marbella. For inexpensive condos then try edison park or el carmen, they will keep u close to the action also.

j.

According to a magazine which I read sometimes back, Hotels charges are comparativley high in Panama & it becomes the center of real estate business too.

Also, Most of the real estate investors are moving towards panama to get more profit on there business. Do you know why is this? Nowadays panama becomes the heaven of tourists because of it's beauty.....

So, I too wanna invest there more and get more

Currenly, I am looking to sell one of my new home in panama, Hope will sell it soon

Sorry to say, but this is by no means a seller's market. In fact, I suspect it will remain a buyer's market for some time to come. Overconstruction has produced a glut of new apartments. Banks are not lending as liberally as they once were. Savy
speculator-sharks with options to buy left this market sometime ago. People are very cautious concerning preconstruction and all the hazards that go along with it.
All 'n all, have patience; it's a matter of time before prices come back down to realistic levels.

Real Estate investment is a lucrative business in Panama.

You are correct Trixie.

Real estate business rocks in Panama, Compare to other places the hotel charges are high there because Panama is the heaven of tourists. As a result of it ecomomy of Panama grow up & most of the real estate investors are moving towards Panama. It is a good news,

Many here with properties for sale would disagree with the above. When I spoke last week to a friend who is a real estate agent -- a good one -- she said she has not made a sale since June. There is a huge glut of condos in Panama City, and the higher-priced homes everywhere are not moving. It is not as bad as the US -- but the days of easy money, killer deals, and lucrative flips is gone. It is still a great place to live -- but real estate investors should tread very, very cautiously.

See http://primapanama.blogs.com/_panama...-down-80-.html

After visiting Panama over 6 years ago and having lived in Panama for more than a several years now, I have kept a close look on the real estate situation. While there will definately be a glut of condos, and real estate prices here have skyrocketed sometimes way out of proportion, there are still many people wanting to get out of the States and Canada but can't afford it until they sell their properties in their homeland. There is however a really good opportunity to make money here in smaller and less expensive single family homes. If anyone is interested you can reply to paninvest@ymail.com for more information.

Panama is turning into a refugee country. People are going to keep coming but many are liable to have less financial liquidity and will be looking towards lower-end real estate. This country will probably rebound from the world's financial crisis better than most.

I am seeing some signs of price correction in the apartments market at the lower end in panama city. Prices of some apartments are down about $20000 on what they were 6 months ago. But still there are a lot that have not really moved in price at all. But so many people in the west have lost money on whatever investments they have that they dont have the same money to invest in panama they would have had a year ago. everything here is down by about one third.

with interest rates so low and quantitative easing taking place i expect the stock market to be one of the better investments again. cash in the bank and bonds are not looking like good investments at the moment, and real estate is on the slide as well. the stock market looks like a better deal now.

Originally Posted by trixie

Aside from an online business they said that Real Estate investment is also a lucrative business in Panama. Could you share some ideas about this?

Yes, as far as I know, real estate business touches the peak. However compare to miami beach real estate, it is less