Panama Real Estate
(realcashtips.com) Panama, the jewel of Latin American finance and international trade has done a lot of growing up in recent years. Known in the past as only the place with the Panama Canal this view has shifted lately with a focus on tourism, offshore banking, and real estate leading the charge.
Panama: Economy is Booming
Over 40,000 new cars were added to the roadways in Panama City last year alone. Money collected from the tourism industry now generates more income for Panama than the famous Canal. Panama has it’s own currency the Balboa which is pegged directly to the US Dollar. The US dollar notes are used as the paper currency in Panama with the Balboa only existing as minted coins. Couple this with one of the lowest crime rates in Latin America and you have a very desirable environment for investment, especially from a North American perspective.
Tale of Two Oceans
Panama City is located near the mouth of the Panama Canal on the Pacific side of the country. A drive up the Pacific coast brings you to many exclusive ocean front villages including; Coronado, Playa Blanca, Punta Barco and others. Only a one hour drive will bring you to the Caribbean side of the country where the lifestyle is more like that of Jamaica. The Caribbean is not as built up as the Pacific side but for many people this is what they prefer about it.
Real Estate
Panama City is turning into a world class metropolis with many high rise buildings dotting the skyline and many more under construction. There are many exclusive areas to choose to live including; Marbella, Balboa, Punta Paitilla, Coco del Mar and up and coming Punta Pacifica and San Francisco that offer a wide range of apartments and condominiums for sale. For family living the former US Canal zone (Amador Heights, Albrook, Clayton) area offers a nice selection of single family homes and spacious lots.
For those interested in living in an old Spanish colonial style village Casco Viejo — the oldest city on the Pacific Coast of the Americas — has become a desirable place for real estate investment, encouraged by the Panamanian government which is offering incentives to anyone who restores buildings in this area.
For those who want to live outside the city, like retirees, there are many beautiful planned communities in the interior or along the coast. Popular destinations include; Chiriqui, El Valle and Altos de Maria. Bocas del Toro, known for its crystal clear waters and laid back atmosphere has become a popular real estate investment destination in recent years as well boasting an airstrip and a plethora of hotels and beaches to satisfy the would be investor or traveller.
Real Estate Investment Opportunities
The government of Panama has made it very attractive to foreign investors by creating a number of laws and incentives to encourage people to bring their money to Panama. The highlights of the incentives available include; no income tax on foreign derived income as well as no property taxes for 20 years on new properties purchased. Retirees who make Panama their home are also offered a suite of incentives from 50% off hotel prices to 25% off airfare and more.
Geography
People who make Panama home have the ability to choose from a plethora of different climate and lifestyle choices. Whether you prefer the fresh, cool air of the mountains, city life with ocean view or living in a villa in an old colonial Spanish village it is all available to the would be real estate investor. The climate is steady most of the year and Panama is not subject to earthquakes, tornados or other tropical storms like it’s neighbors to the North and South.
Nice Neighbors
With the United States in close proximity as well as the fact that the U.S. built the Panama canal you can bet that their influence in Panama will continue as long as Panama exists as a country. The Canal serves such a vital role in the US and Global economy that the U.S. is forced into looking after little Panama and it’s Canal.
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