Anyone invested in the property market in Panama? Any feedback is appreciated!!?

Question

Anyone invested in the property market in Panama? Any feedback is appreciated!!?

Answer 1

Well there's a lot I can tell you about the property market in Panama.  Right now you have to be careful because the market has inflated so high that there are a lot of people expecting for it to burst any time soon.  Fortunately the influx of Venezuelans flocking away from Chavez has kept the market going all this time, but all of the Venezuelans will not get in to Panama so that will come to an end.  Also the Panamanians have become more strict about their immigration, and now the government only issues a 30 tourist visa, instead of a 90 day visa as they used to.

So again about the market.  Investing in apartments could be tricky, since the prices have risen up there may not be as much people interested right now.  Do consider that property prices for oceanfront condos in Panama City are right now at the same price range as those in Miami Beach.

If you're looking to invest by purchasing land that may be a good area to start a development, then I would definitely recommend that you contact a reputable agent, and retain an attorney to protect your interest, and do some research about the zoning and determine if it's a good investment.

As for other areas around Panama, well the beach has a lot of developments.  If you have a good real estate agent they can point you out to new developments that are being marketed properly so you may be able to invest safely.

There's a lot of development in the area of Boquete, which is favoured by most of the baby boomers retiring in Panama.  You could also look there to see what's good to invest.

Now my final word.  Please get a local lawyer to help you understand the legal system here.  Remember this is Panama, not the USA.  The system is different, and although it may look the same in many instances, it really isn't; and you have to get used on how to work with the system.  Some of the people that don't do this get frustrated, and leave or are always tense about their investments because they don't feel they are standing on solid ground.  Also, you have to get to know and understand the idiosyncracies about Panama to make yourself at home.  We live different here than in the US, and our society is also different.  Don't expect people and business to behave just like in the US.  Now this doesn't mean that you should expect problems.  It only means that we do thing different here, and you have to work with that to get with the system.

Hope that helps