Real estate sector in Panama City attracts still
(greatbuilding.com) What is the condition of real estate sector in Panama City, Panama? This question, according to many, seems to be quite obvious since throughout the word the city is known as the ideal emblem of blitheness and eternal vigor. What’s more Panama City, capital and largest city of Panama, is also the capital of Panama Province. Well, the latest studies reveal that in the region, which has been subject of downturn, the prices have softened but haven’t crashed.
Keep in mind that the abovementioned assessment has not been the statement of any trivial person but of said Robert Adams, Chief Executive Officer of New Global Initiatives, a global marketing company in Maryland that researches emigration from the United States. On the word of Mr. Adams, the majority of the banks in Panama provide foreign buyers a maximum of 70 percent of the purchase price, even though Panamanian citizens can borrow up to 80 percent.
Whatever it is, Panama City and outlying beach towns are popular with expatriates and it will not be wrong to state that the local realty sector exists on account of them. As indicated by Simon Hurst, managing director of Knightsbridge Investment Group, a real estate firm in Panama City, even at this hour, a beachfront house in Coronado, about an hour’s drive west of Panama City, averages about $1 million. Isn’t this great? Simply it is! Now you can also have the houses that are directly on the beach as they are cheap to run and in the region of $350,000. The prices are lesser even in the outskirt of the Panama City and especially in remote parts of the country but the cost of transport may appear to be excessive.
In the Panama City prices for a comfortable apartment range from $175,000 to $400,000. Who are the main buyers therefore? People from the United States are the biggest group of foreign buyers. There are also a significant number of European and Canadian retirees.
