Where Best to Buy Property in Panama
(shelteroffshore.com) With real estate prices predicted to double within the next 3 to 5 years, buying property in Panama may be well worth considering if you want a solid investment with medium-term potential.
With a canal expansion program worth £1.48 billion being carried out as well as huge construction programs in Panama City, the economy in Panama is booming, but the cost of living remains very low while living standards and healthcare are very good – all of these factors stack up in favour of a property investment in Panama.
Panama also offers numerous tropical sandy beaches and lush jungle countryside and has a thriving tourism industry to boot. So where are people buying real estate in Panama and where is best to buy property in Panama for investment purposes and relocation requirements?
The top destination for expats buying real estate in Panama is Panama City itself. Located on the Pacific coast, Panama City is a modern, sophisticated city with a world renowned banking sector. It also has an excellent nightlife scene, casinos and numerous sporting activities.
Preconstruction or off plan properties are popular on the Panama property market, and with prices starting from £40,000 for 1 bed or studio apartments, they offer good value and excellent potential for investors.
There’s also the opportunity to invest in “hotel condo” properties in Panama City. Investors basically buy a room or suite in a hotel building, they generally have the option to use their property for 4 weeks of the year, and outside of this period the property is let out as hotel accommodation. Returns on this type of property are usually about 5% of purchase price per annum over and above property appreciation. Prices to invest in this style of property start from £75,000. Single-family homes come on the market from £80,000, but the largest selections are in the £200,000 to £350,000 price range.
Outside of Panama City expats are buying property in Boquete and the surrounding areas. Known as the “city of eternal spring,” Boquete has an altitude of 3,500 to 5,000 feet and year round temperatures between 12-25 degrees centigrade. Prices in Boquete have almost doubled over the last year, but plots can still be bought from £13,000. Homes come on the market from £80,000 and up.
Away from Boquete, desirable property opportunities in Panama are drawing people to Bocas del Toro. The location of Panama’s first national marine park, Bocas del Toro offers some of the best beaches in Panama as well as rain forests, coral reefs, mangrove islets and Indian villages. Prices are higher for Panamanian real estate in Bocas del Toro with plot prices starting at £45,000. Ocean front plots come on the market from £100,000. For the lucky among us with a spare £2,000,000 there’s a spectacular 3 bedroom three bathroom house currently on the market that’s actually set in the ocean, offering the chance to dive in from your own deck!
The Azuero peninsular is often referred to as the “heart of Panama”. It’s a beautiful area set on the Pacific coast and surrounded on three sides by ocean. A forty minute flight from Panama, Azuero is known for its fiestas! Property in Azuero is very competitively priced with ocean front plots starting from £10,000, and a number of 4 and 5 bedroom properties on the market as potential bed and breakfast businesses from £50,000.
Whatever type of investment property or second or relocation home you’re looking for, chances are you will find your own piece of paradise in Panama’s real estate market.
