Nowadays, Panama has grown, and continues growing and developing in the real estate business. The selling of properties has increased in the past couple of years.
This is due mainly to the necessity of covering the high demands of new residents, foreigners which are mainly retirees, who require a place to work and also a place to live. All of these issues have brought new investments and constructions; mainly high rise apartment and office buildings, in fact everything to fulfill their necessities.For example, you can be able to find in Panama City, a wide variety of existing apartments for rent or sale, as well as new ones on pre-sale. You may also find offices and houses for rent, sale or pre-sale. Prices might differ from one another depending on location, finishes, decoration, etc. There are different kinds of real estate properties to meet each person’s taste.
For searching and finding properties there are different resources like Real Estate Offices, newspapers, magazines, and internet sites. Some actual real estate offices are Tribaldos, Century 21, Panama Realtor, among others. Between the magazines of Panama Real Estate, 9º10º, you will be able to find the properties available at the different locations like Punta Pacifica, Boquete, Playa Blanca, Casco Viejo, Santa Catalina, etc. Internet sites, such as encuentra24.com , are a great searching tool, with easy access and just some clicks away you can see the beautiful pictures and experience the sensation of being in the different properties. You can also read the descriptions of each property and in some cases the prices.
Why are foreigners, mainly Americans, deciding to relocate, retire and invest in Panama? One of the reasons is low costs compared to United States, and that the currency used is the Balboa which has the same value as dollars. Another reason is that Panama offers incentives and benefits, for example there are no property taxes on new constructions for a period of years, also no taxes are charged for bringing household goods. Besides, Panama is considered as “Second Miami” for its American style infrastructure, its sophisticated business district and attractive neighborhoods. Panama is well developed in the communication area, it is considered to have the highest level infrastructure in telephone, fax and internet, as well as cellular communications in Central America.
Another benefit referred to property ownership, is that foreigners have the same rights as Panamanians on property purchase. They can buy and sell legally and easily. Likewise, foreign investors and their business have the same rights and duties as Panamanian investors, which include rights to freedom of trade and industry, as well as import and export.
All these benefits and incentives have impelled the real estate development in Panama. They have influenced foreigners to decide to retire or move to Panama finding a better place to live. A place that has security, good health, and a good economy, inexpensive and at the same time have similar comfort as their country. Investments will keep on developing in the next years, to continue fulfilling the foreigner’s necessities.
