Most likely, you heard about the recent real estate BOOM, which is currently happening in Panama. Perhaps there are several websites that you have read or visited to find additional information on this topic. Or maybe you are one of those individuals who have already decided to buy an apartment or beach house, but you do not know where to start or want to start your own real estate project in Panama, but still need additional information. Well, I have prepared this article in a practical and simple way to guide you in our real estate market. You will find this article useful, whether for a direct purchase of real estate or for launching your own real estate project in Panama or simply for a more complete picture of this growing BOOM real estate.
What is happening in the Panama real estate market?
What happens in Panama has no precedent. The market is growing rapidly, and this property development has never been tested before in our country. Every month we visit hundreds of foreigners interested in buying property in Panama, in the city, on the coast and in the mountains. A constant increase in the cost per square meter occurs almost monthly. For example: in January 2006, it was possible to find apartments in Panama City about $ 1,000 per square meter, which is now virtually impossible ($ 1,200 - $ 1,400 and growth). This led to the fact that the cost per square meter multiplied in the city and even increased four times in the rest of the country. The main associations of real estate brokers foresaw that the total value of land in Panama could increase to 30-40% over the next three years due to this price increase.
Extreme luxury towers of over 100 floors, residential buildings of over a million dollars, yachts and nautical clubs, huge luxury hotels, golf camps developed by renowned international experts, as well as leading shopping centers, are currently being built or the delivery process in the next couple of years; renewing the face of the city in an international and cosmopolitan metropolis. Promoters, private investors and international real estate companies from the United States, South America and even Europe have begun to build real estate projects that have a great impact. In addition, currently a large number of international real estate brokerage companies engaged in the creation of enterprises in our country in a month. In particular, it can be said that in Panama City in areas known as Avenida Balboa, seven of the highest towers being built in Latin America are being built (this area is designed as a skyscraper in front of the sea in the city). We could mention, among others, Aqualina, Aquamare, Vitri, Ocean Two and One, Los Faros de Panama and Ice Tower, ready for delivery in 2009; besides, hundreds of town houses are lined up around the city. Excellent projects on the beach, island resorts, as in the Caribbean (Bocas del Toro), as in the Pacific Ocean (Pearl Islands); as well as the delightful retirement mountains (Boquete, Altos del Maria) are part of an avalanche of real estate projects that seem to be just beginning.
What are the real factors that led to the growth of this property?
We all know that after hostilities took place in Panama in 1989, the real estate market in Panama remained indecisive, and a small number of inversions in this sector were mostly aimed at commercial projects. After this event (2000) after leadership in the tourism sector of the government of Panama (led by the famous Panamanian singer Ruben Blades) had to spend 11 years to take action, starting a serious campaign to improve the image of the country, Panama was shown as “a way that less traveled ", emphasizing not only the advantages of being both international banking services and an offshore center, but also social, tourist, environmental and geographical elements that were previously unknown to the rest of the world, This success th campaign promoted around the world in major international television networks, both in Europe and in the United States. In addition to this, something that needs to be recognized, for 2003, Panama is returning to the international arena with the announcement that a young Panamanian woman (Justin Pacek) won the Miss Universe contest, a situation that allowed us to expand the range of advantages our country as a tourist and commercial fate. Little by little, between 2003 and 2005, the number of visitors increased as a result of these two important catalysts.
Meanwhile, small groups of professionals (lawyers, brokerists and independent specialists) offered seminars about the benefits of Panama or organized small tours of real estate to foreigners. Several articles published in international retirement journals (the generation known as “Baby Boomers”) and second residences abroad have begun to recognize Panama as one of the best countries in the world, living at a high level, but with low costs; All this is due to the excellent projects addressed to this market, like “El Valle Escondido” in Boquete - Chiriqui or “Altos del Maria” in Panama. One of the main factors driving the launch of this property in Panama took place on April 24, 2006, when Donald Trump announced in New York about the construction of a 65-storey tower in the Punta Pacifica area in Panama City called the Trump Ocean Ocean Club International Hotel. worth $ 220 million. Moreover, in October of the same year, national recognition was given to expand the Panama Canal, starting construction work in 2009. From this point on, there is no doubt that Panama will become a center and role model for real estate investment in this area e, a situation that grows exponentially.
What are the advantages of Panama as the fate of real estate?
Well, let's move on to the topic. Let's explore the advantages offered by Panama, and this will allow you to make a decision about buying property in our country, as many foreigners did. In terms of real estate, we might mention:
- * - Panama offers the best banking center in the region, using the US dollar as legal currency and with the top of the line banks (HSBC, CITIBANK, BBVA, etc.), which will facilitate the process of obtaining mortgage loans for foreigners by offering a fast international banking process transactions for deposits and reservation of real estate.
- * - The Panamanian immigration law has one of the best retirement programs in the world, which will allow you to become a “resident” in less than two months. This program offers several incentives, such as the ability to import goods and personal values into your new facilities without import duties, as well as cars that also do not contain import duties.
- * - Excellent service, utilities and infrastructure for facilities such as: high-speed Internet (there are five main Internet connections of the Network passing through Panama), Cable and satellite television, public drinking water, a wide range of telephony services, fixed and cellular,
- * - The opportunity to buy luxury apartments with enough space to an incredibly low price compared to apartments of the same quality in the US and Europe.
- * - The opportunity to acquire real estate is exempt from 0% property tax for 5, 10, 15 or even 20 years (depending on the date of commencement of construction).
- * - A huge variety of companies and bilingual professionals engaged in the real estate market.
- * - If you are a businessman, Panama’s law has tax incentives for builders and promoters who start real estate projects in the country.
In addition, there are other advantages to take into account that even if you do not directly participate in the real estate business, they can become useful at the time of the decision to purchase real estate:
- * - Panama has recognized the company as a Pinkerton intelligence agency as a country with a high level of security, unlike the current situation in neighboring countries.
- * - You can hire housing storage services at a low price (about $ 150 per month)
- * - Modern high-tech technologies are available.
- * - Opportunity to purchase products from around the world in the Colon Free Zone, thanks to the noticeable position of the Panama Canal and the transit of more than 14,000 ships a year.
- * - The conditions of the Panamanian tax legislation allow the tax payer not to pay bank interest or even income tax when services and / or business are carried out abroad.
- * - Exceptional geographical location for international commercial transactions, with quick access to the Pacific Ocean, as well as to the Atlantic.
- * - Panama has a low risk profile for natural disasters such as earthquakes and hurricanes.
These are some of the many advantages that Panama has to offer if you decide to buy property in our country, whether it is to invest or simply to move and enjoy life.
What are the most attractive places to buy real estate?
To better answer this question, we must divide our answer into four groups: Panama City, the mountains, the Pacific coast and the Atlantic coast.
Panama
The main luxury villas with sea views are located in Panama City, distributed as follows: Balboa Avenue, Punta Pacifica and Costa del Este. The region, known as Avenida Balboa, has become an icon of real estate development in Panama. The reason for this is associated with the current construction of luxury residential apartment buildings with outstanding architecture of more than 100 floors, which should be completed in 2009. Balboa Avenue offers quick access to the entire city, banking district, as well as on the main avenues, given that this is a coastal boulevard. A hundred meters from this area you will find restaurants, bars, hotels and several facilities. European promoters, Americans and South Americans foresaw the potential of real estate in this area, which is equivalent to the phenomenon of a condominium that occurred in Miami in the eighties. The Punta Pacifica area was developed at the airport of the old city (for the reason that it was near the Pacific coast and inside the city). This region was designed specifically to respond to the upcoming demand for real estate. The area offers beautiful projects and high standard apartments. You will also find Punta Pacific (Multiplaza Pacific), hospitals (John Hopkins Hospital), corporate buildings and access to the highways (Corredor Sur), which will give you quick access to the international airport in 15 minutes. Also in this sector, where the Trump Organization and the K Group will increase their promoted real estate project. Another of the desired places for foreigners is the Costa del Este.
The “other city”, as mentioned, was also conceived and intended for the development of apartment buildings and closed residential communities. This is the perfect place for the complete relocation of an alien to Panama. In this region there are all schools, shopping centers, wide avenues; This sector offers several properties with magnificent views of the sea or the city, located five minutes from the city and just ten from the international airport. It is also important to emphasize that the development of this luxurious tower is not limited to these few areas. There are also urban projects in the Punta Paitilla region, Coco del Mar and San Francisco (all in front of the sea), as well as beautiful developed residential areas around the Panama Canal, such as Albrook, Clayton and Career Heights.
The mountains
In the provinces of Panama, Cocle, and Chiriqui, magnificent mountain projects have been developed with cool fresh weather from 18 ° C to 20 ° C (64 ° F to 68 ° F). In the province of Panama, the most representative mountain project is in the Sora region, 75 minutes from the city and is known as Altos del Maria. This project consists of a well-organized community of foreigners with utilities and spectacular scenery. Another region of urban development can be found in the so-called "Tirras Altas" (High Lands), located in the province of Chiriqui (Vulcan, Boquete and Cerro Punta). Among these places, Boquete has become one of the most relevant real estate centers in the whole country, given that it has a large offer of real estate projects, residential houses in the mountains with amazing landscapes. Boquete was recognized as one of the best retirement places in the world by a specialist in this field, which resulted in the region having the highest concentration of retired foreigners in the country. Finally, in the province of Cockle, you will find a region known as El Valle. Hotel El Valle is located in a quenched volcano and offers great weather, rivers, waterfalls and tourist attractions. Currently, El Valle is taking steps to become one of the most wanted regions in the field of mountain real estate due to its facilities and infrastructure, as well as its proximity to Panama City (1 hour 45 minutes).
Pacific Coast
The offer of lots before the sea begins on the Pacific coastline of the province of Panama, and it runs to the middle of the provinces. Most high-end Panamanian families have their beach houses in this sector; because of its proximity to the city (45 minutes). This coastline offers residential areas such as Came, Coronado, Punta Barco, San Carlos, Gorgona and others. Within these beachfront residential areas, we should mention the region known as Coronado, a region that is considered one of the best professional golf camps in Latin America, with swimming pools, beach clubs, equestrian clubs, several restaurants and a large number of houses and apartment buildings in front of by sea In addition, further on the Pacific coastline, we can find the region of Playa Blanca. Since the development of the hotel’s macro project, known as the “Royal Decameron” in the area, the infrastructure and general environment have increased significantly. In Playa Blanca, you can find casinos, swimming pools, restaurants, bars and discos, beach clubs and a variety of real estate projects right next to the beach. Finally, we should also mention the recent development that took place in the coastal areas of Los Santos (Pedasi) and Veraguas provinces, such as Playa Arenal, Punta Mala and Playa Venao, among others; who have become a new destiny for many foreigners (mostly Europeans) who are looking for large expansions of land in front of the sea.
Caribbean coast
In this area, we can find a similar stock of real estate properties found on the Pacific coast of the middle provinces. There are several facilities in front of the sea, as well as extensive harbors near the beach. This region is located two hours from Panama City, and it offers the opportunity to buy in the famous Colon Free Zone. On the western side of the country you will find in the Caribbean coast, the spectacular Bocas del Toro region, where the properties located near the sea or in the middle of the island are simply amazing. A large variety of international real estate companies have launched projects in the crystal clear waters of Bocas del Toro. Bocas is one of the most famous tourist rides in Panama, located just 1 hour and 45 minutes by plane. It offers amazing nightlife, a restaurant, hotels and tours of various islands in the area. The coastline of Bocas del Toro has become the most sought after property choice for retirees or retirees in the Caribbean. Among the best areas of Bocas del Toro, you will find Isla Colon, Boca del Drago, the Red Frog Beach and Playa Larga. The residential project, known as the “Red Frog”, has a well-known reputation in international fields, given that it offers an incredible exclusive development for foreigners on one of the most beautiful islands in Bocas del Toro, Bastimento Island. The project has maritime clubs, restaurants, houses and dazzling infrastructure.
the islands
The most famous group of islands is located in Bocas del Toro, given that, as we have already mentioned, it offers a wide range of real estate projects in the Caribbean, the script of several television series broadcast worldwide. The most important islands of the archipelago: Isla Colon, Isla Bastimentos, Isla Solarte, Isla Cristobal, Isla Popa and Isla Zapatilla. Similarly, we can find several small independent islands for private projects. The Bocas Islands are counted with an amazing ecosystem for scuba diving, marine activities and bird watching. Another group of islands that is gaining popularity is the real estate market, found in the archipelago of Mosquito Bay, in front of the Pacific coastline of Chiriqui province. This bay was given the Panamanian government by the name of the Ecological Reserve as a result of the great diversity of marine fauna found in the area. Most of the islands have registered property names that allow you to quickly buy. Окрестности этих островов славятся тем, что являются одним из лучших мест в мире для промысла Black Marlin. Острова Перл расположены в пределах Панамского залива, в трех часах езды от города в открытом море, предлагая группу из более чем 35 красивых островов с захватывающими пейзажами, окруженными коралловыми рифами и обширной растительностью. Красота этой области привлекла производственная команда популярного реалити-шоу «Survivor», который несколько раз снимался в этом регионе. Наконец, вы найдете остров «Койба» в Тихом океане, ранее тюрьму уже отменили и в настоящее время национальный парк. Главный остров и его небольшие острова, такие как Исла Игуана, стали главными судьбами для подводного плавания и водных видов спорта.
Что мне и не следует делать при покупке недвижимости в Панаме?
В качестве окончательного совета мы порекомендуем вам некоторые практические рекомендации в случае, если вы решите купить недвижимость в Панаме:
Recommendation No. 1 : Вы можете самостоятельно посещать проекты, но желательно, чтобы вас помогал профессионал, который мог бы правильно познакомить вас с промоутерами, избегая бессмысленного увеличения цены.
Рекомендация №2 : Если вы не владеете испанским языком, попросите промоутера предоставить вам контракт как на испанском, так и на вашем родном языке для всех юридических транзакций.
Recommendation number 3 : После того, как вы зарезервируете свое имущество, немедленно попросите квитанцию и подпись соглашения о покупке.
Рекомендация № 4 : После того как вы подписали это соглашение, дважды проверьте сроки для последующих авансовых платежей вашего имущества. Если вы пропустите один из них, вы можете потерять деньги, уже оплаченные промоутером.
Рекомендация № 5: Попытайтесь принять быстрое решение о приобретении имущества; учитывая, что как только вы его зарезервируете, цена затем замораживается. В связи с текущим спросом на рынке, цены на квартиры растут ежемесячно.
Рекомендация №6: После того, как вы зарезервируете свою недвижимость, ищите профессиональную консультацию юристов или брокеров по недвижимости, чтобы проверить всю документацию и контракты в связи с процедурой регистрации.
Рекомендация № 7: Подумайте о возможности приобретения вашей собственности через панамскую корпорацию. Они имеют быструю регистрацию, значительно дешевую и удобную в управлении. Использование корпорации для приобретения собственности в Панаме облегчит ее будущую передачу, если это так.
Если вам нужна какая-либо помощь в приобретении недвижимости в Панаме, пожалуйста, не стесняйтесь обращаться к нам.
