Buying real estate in Panama
The real estate market in Panama has been in good health recently, with new properties being built and existing ones changing hands at a brisk rate. Much of this is due to the relatively low cost of property here (depending on what you're used to, that is). The country's generally low taxes are a benefit, and foreigners are permitted to enter this market. Owning a property here is also a persuasive factor for anyone seeking residential status here.
While buying and selling property in Panama involves much specialised knowledge and expert assistance, the good thing for foreign buyers is that estate agents from other countries have relocated here too. There are, for instance, many realtors from the US and Canada who not only understand the regulations but can explain them to you in your own language. A realtor might not be interested in your friendship as much as his or her commission, but it's a mutually beneficial relationship and they're smiling faces intent on helping you as far as they are able. You can also visit the Ministry of Housing's official website, which is in Spanish.
The Panamanian government has taken steps to attract foreign investment and laws have been introduced to protect the interests of foreign buyers. Realtors and lawyers can explain these to you.
Price is obviously a major factor in any decision to buy, and this varies from region to region. In Panama City prices generally will be higher than in the interior, while recently developed resort areas with beaches and golf courses compete with one another.
Because of the nature of the markets, which are constantly fluctuating, it would be unwise for an article such as this to quote prices, and there are plenty of real estate websites with up-to-date numbers. It may also be worth joining a Facebook group dedicated to a particular area, where expats are constantly buying and selling things and passing on information.
In the Coronado area, for example, a coastal community just off the Panamerican highway, the group All Things Coronado, while adamant that it doesn't feature advertising, is a vibrant hub of people helping each other, and these expats are not just in the know but, because they are not local, are more in tune with what you need to be aware of. There are similar groups in many parts of the country.
You may have to apply for membership of a group, but if you explain that you are thinking of moving there and looking for ideas, most will welcome you.
Rightly or wrongly, expats seem to stick together and the experiences of each inevitably get passed on to others. There is no substitute for first-hand knowledge, and if there is a particular advantage or disadvantage in the place you're considering, these are the forums where you can find out. So once you decide on an area you're interested in, try to get a foot in the door online, get yourself known, and reap the rewards of the best and cheapest form of advertising there is: word of mouth.
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