Now is the time to invest in Coronado Panama
Ask anyone and they’ll tell you it’s a buyers market in Panama right now. But ask someone who’s been in Real Estate in Coronado, Panama for over 30 years and they will tell you...
it’s an opportunity that might not last long in Panama’s Pacific beach communities, here’s why:
In the years leading up to the Pandemic, people were investing in real estate in Panama.
According to the National Board of Housing Developers, real estate sales in Panama increased by 30% in 2019 from the previous year.
But between 2018 and 2019 construction fell off almost by 50% (Instituto National de Estadistica y Censo).
This year international flights were suspended from March until October 2021. With the country in an economic crisis, there were also fewer locals investing in real estate.
According to the director of the National Board of Housing Developers, the decline in Real Estate Sales could be as much as 90% in 2020.
The Rental Market bounce back in Coronado Panama (2020):
In 2020 Coronado Panama and the surrounding beach communities saw the rental market bounce back quickly. With an influx of foreign and local residents moving out of the city, the area was full in what would otherwise have been considered “low season.”
The few viable rental options in Coronado Panama, the rise in the cost of construction and the return foreign investors could create a seller’s market, quicker than anyone expected.
The return of foreign investment in Panama:
With travel open again in Panama, snowbirds and tourists alike are returning, with them we will see the return of foeign investors.
As of August 31st 2021 vaccinated travellers could enter Panama without a Negative Covid-19 test. (US Embassy, Panama) *Check https://www.visitpanama.com/information/travel-guidelines/ to see for updated infromation on entry and exit.
Changes to tourist Visas in Panama:
What’s more, is that once perpetual tourists might now be forced to invest in Panama.
Read more about the changes that will affect the duration tourists can legally stay in Panama here.
With the end of the Friendly Nations Visa, the best way to stay in Panama for some, will be by investing in Real Estate.
An Open-pit mining project with 20,000 employees:
But what really leads me to believe that the opportunity to buy low in the beaches will be short lives is this:
In almost every city in Panama including Panama City the country capital, the average price per square meter fell. expect Penonome, the capital of Cocle, where the average price per meter increased by 80.7%. (Encurntra24.com)
What looks like a satistical error at first glance is actually due to an open-pit mining project in the area. First Quantum Minerals employs 20,0000 workers, of which many have brought their families to Panama, and require communities, schools, and housing.
The company boasts Coronado as a "spectacular beach-side resort and town on the dry arch of Panama’s Pacific coastline, with a flourishing ex-pat community.” The perfect place to raise a family.
Don’t miss the opportunity to gain access to exclusive properties at the lowest prices we’ve seen in years. With more than 30 years in Coronado, Panama Tropics Real Estate has the knowledge to help you navigate the process of purchasing a property in Panama, in English and with ease. Get in touch here.
*Sponsored by Panama Tropics Real Estate
