Why is this beautiful country a great buyer’s paradise you ask? Let us give you a brief overview of whats going on here right now.
Starting with the real estate economy. There are huge expansions in residential and commercial real estate across the country.
Everything from comfortable gated residential areas, mountain villas, condo towers, a host of new malls/shopping centres, and towering office high-rises’ are either available now or coming online in the very near future. Many are in various stages of construction, lots are completed, all are available for purchase with many selling quick. There is also a host of recent completed construction, most within the past 15 years, which will help diminish your renovation costs and the more recent builds can also qualify within a tax exemption bracket, saving you even more. And over the next 3 to 5 years, the construction boom will actually continue growing (peek forecasted residential condo construction is currently set around the year 2017). This influx of new construction is creating buying opportunities across the country that will give you an excellent bang for your buck as well as a huge selection from city/urban, beach, country and mountain properties.
Recent infrastructure improvements such as super high speed home & business internet & LTE cell networks, Panama City’s brand new metro system which is already in expansion planning, updated transit system which also continues to develop, and some of the fastest road systems in Central America add further incentive to relocate this tropical paradise. With the international airports going full steam, there is direct, quick access to many major gateways in the U.S. and Canada as well as the Caribbean, Central America & South America. This makes travel extremely easy as you can be back in Canada (for example) in just a few hours or jump over to Miami in no time. The Canal Expansion is also scheduled to be completed shortly, boosting this country’s economy 2 fold (at minimum), more jobs, more revenue and improved economic future developments for this emerging economy.
Be sure to watch this exciting and beautiful video about Panama and get a taste of what you have been missing!
Did you know that Panama also welcomes foreigners to come live here? Programs such as the Pensionado Visa are very popular. If you are retired and drawing a lifetime income of $1,000USD per month or more (We would recommend $2,000USD per month minimum for living here), can easily make this tropical paradise your new home (or home away from home). Benefits of this program are that it provides discounts for many items that you might be needing such as: 20% off medical services, 50% off entertainment, 25% off restaurant meals, 25% of air fare, and 25% off electricity and phone bills. This is boasted as the best expat retirement program in the world.
For more information about Pensionado Visa and other visas available, CLICK HERE
Other programs such as the Friendly Countries Program allow business owners and entrepreneurs an excellent advantage to setup a corporation here, start business and obtain resident status in no time as well as generate an income, help employ some locals and enjoy a new tropical business playground. There are some great business opportunities here and anyone looking to start a business will have little difficulty getting off the ground. Doing a quick search, you will notice that many multinationals have relocated much of their operations here and more are arriving every year.
The cost of living is still very affordable as well. Imported goods and foods might cost the same or slightly more than in North America, however, there is a great variety of local produce year round to pick from, fresh and tasty. Locally owned restaurants are definitely money savers as well, however there appears to be a premium on outdoor furniture and accessories but that is to be expected in this land of perpetual summer. Taxes are still quite low, sales tax is only 7%, groceries have no tax, and premium gasoline is below 70 cents a litre (gas prices to fluctuate regularly with the market but still its much cheaper than up north). But keeping your standard of living you are used to might change slightly, however, its not a bad change, its just different. But thats part of the experience of living in a new country. Things are the same but at the same time, they are different. You just have to enjoy the new experiences and learn about your new country.
Right now, real estate pricing, as we will show is perfect for buying, more than nearly any other popular retirement/vacation location in North America, and the Caribbean. Prices are low and deals are available everywhere. You will literally have your pic of locations and properties. Options galore.
Once you have landed in Panama, and started looking for your paradise, the beach real estate is by far some of the most desired and sought after property in the country. Everyone would love a spot on/near the ocean. There are no shortage of condos, houses, and villas for sale either beachfront or with an ocean view for great prices which you will be hard to find anywhere else of the other popular vacation/retirement destinations. Unlike some other countries, foreigners also can purchase and own real estate in Panama quite easily. No need for time shares, renting or expensive hotels. Own your own slice of paradise, enjoy it and if/when you are ready to sell, be comforted to know that it will sell at an excellent price in the years to come, giving you a wonderful return on your investment.
To demonstrate the savings you can find here in Panama, we wanted to show you some comparisons for real estate in other popular vacation/retirement areas as they relate to prices here. Just to give you an idea of what we are talking about and deals that are waiting for you here on top of everything else described above, we took a random sampling of real estate listings from various popular vacation/retirement areas, along with researching pricing, starting with a 2-3 bedroom house on the beach of approximately 1500 square feet. Sampling was from Canadian MLS system, U.S. MLS system and also various real estate businesses who cater specifically for these types of properties, examining and averaging prices across the selected locations.
In the Bahamas, the prices are easily over $1,000,000USD for the home specified above. They refer to these homes as Bahamian Cottages. Of course you could maybe find something away from the beach for a little cheaper, but it won't be quite the beachfront life you were dreaming of.
Cayman Islands, a great tax haven and a hugely desirable Caribbean paradise, houses, 2-3 bedroom on the beach is averaging well over $1,000,000USD also.
Playa del Carmen, in the Riviera Maya, Mexico, a very popular
destination for vacationers alike. However, if you want to purchase a house on the beach, you definitely will pay about to 2 million USD. Beachfront land alone is over 1 million USD.
Palm Springs, California, U.S.A. Although its not beach front, its still a very popular retirement location in the US. And for those who love golfing year round and good climate, this desert oasis doesn’t disappoint. A house on the fairway, in a gated community, will average out to approximately $900,000USD and up. Not bad for a spot in the desert.
Looking north, a popular location for vacationers and retirees, is Vancouver, Canada. Built right on the Pacific Ocean, great beaches, mountains, more moderate climate than the rest of Canada making winters more enjoyable, this vibrant city has access to year round sports and vacation spots that most people only dream of such as beaches, boating, sailing, hiking, fishing, skiing, snowboarding…etc. Although, if you would like a house on the beach (or on the ocean with no beach), your average price is running up to approximately 2-4 million CAD starting and you would be hard pressed to find a 2 bedroom on the water (majority of houses on the ocean are 4 bedrooms or more). Plus, you will be surrounded with skyscrapers, and the city all around you.
In Panama, you are buying at one of the best times. A beach front house on a descent plot of land will currently be in the $750,000USD range. Prices of course will vary depending on beach location of course. 750k would be approximately where you would start for your ocean paradise (palm trees included). This price would be reflective of the Pacific side and could rise slightly as you go west up the coast (up to 850k to maybe 1 million USD) towards popular areas such as Coronado, Farallon, Santa Clara which includes the resort areas such as Playa Blanca and the Decameron Resort and others. Land is still pretty cheap so buying some beachfront land and building your dream house on the beach is definitely an option and could save you even more while increasing the value of your property. If Golfing and the beach is on your must-have list, then the popular gated expat community of Coronado would be a great place to start, giving you ocean living with access to world renowned golfing, all year round. Looking down the Pacific coast even further, into the exciting surfing paradise of Pedasi (5 hours drive from Panama City, 3 hours from the new airport by the Decameron Resort), beach front homes are available and selling fast for less than 500k.
Want to live on a Caribbean island? The Caribbean side of Panama is fantastic destination and has some great opportunities as well. The popular beach/island paradise of Bocas del Toro (for example), located in the north western side of the country, you can easily find beach front homes for $500,000USD for sale or less, and some homes are literally built on the water! This is also a popular expat community for peoples from across the globe, providing great Latin Caribbean living with the beach paradise you have dreamed about.
Another fantastic aspect of beach front living in Panama, the beaches are vast and often hardly ever crowded. Unlike the packed beaches of many Caribbean and North American destinations, you won’t have to worry about sand being kicked in your face, screaming kids 2 feet away or those noisy teenagers with their extra loud music playing in your ear… Infact, you might find you have a huge swath of prime beach all to yourself. No one will come up and try and hock you any junk, no 4x4’s tearing by…just you, your family, the sun, waves, sound of the ocean and the wind in the palms.
This is a very exciting time in real estate in Panama, with the sellers and developers motivated to sell, beachfront options available across the country and prices that blow nearly all the competition out of the water. Aside from being a tropical Latin paradise, Panama is very much a buyer’s paradise. The only decision you need to be concerned with is whether you want the gorgeous and popular Pacific side or the vibrant and relaxing Caribbean side.
On a side note, there are also many beautiful condo projects available now and coming available in the next year or so on the Pacific side of Panama. Be sure to check out the new tropical condo projects on the developing Caribbean side of the Canal, between the port city of Colon and historic Maria Chiquita, units priced well under $500,000USD. Some of these Caribbean condos (ocean/beach front) are available for just around 100k! Resort style living with the Caribbean at your door step at bargain prices.
Keeping with condos, if you have the budget, there are even penthouse units available on the pacific side for $500,000USD. Completely furnished with luxury, ocean views and mountain views, totally ready to move be moved into.
Now you are getting the idea of what an amazing opportunity awaits you in Panama and your next tropical real estate purchase/investment. You definitely won’t be disappointed! Panama has something for everyone, for nearly all budgets and can easily take care of any ‘must-have’ list you might have. Buy your next vacation home here, come retire here, take advantage of the prices and the benefits of owning here and enjoy your time in paradise.
Don't forget, you can also turn your real estate purchase into a great investment maker as well. Many home and condo owners in the beach communities rent out their property for days or weeks at a time, turning a great profit. Many of the resort properties also come with a renting pool option which can do the renting for you while you relax and collect the beneifts.
To start your real estate search, CLICK HERE
Along with the great beach real estate opportunities, you can rest assured you will find excellent urban/city real estate here as well. Panama City alone has everything a modern metropolis could offer and more with new housing and condo projects springing up yearly.
For the business corporate types, the commercial real estate is not only huge but can potentially save your business countless dollars in savings. Modern office spaces, tower skyscrapers and gigantic warehouse space is readily available at competitive prices. Check out the business benefits provided by places such as Panama Pacifico and the Colon Free Zone and the benefits of having your operations located in these very special districts.
From beaches to urban living, commercial properties, retirement & business benefits and everything in between, you now know where to start your search. Panama!
If any of this interests you and if you have any real estate questions or even just about life in Panama in general, contact us for more details and we can certainly assist you. Good luck and we will see you in sunny tropical Panama!