Buy Cheap Apartment in Panama: Opportunities and Challenges

The real estate market in Panama, particularly in recent years (2019 to 2022, for example), has been very dynamic. There have been rises and falls in prices, but even so, it remains an attractive market for both locals and foreigners.

Despite being a market in growing demand and being able to observe price increases over the years, there are no limits when it comes to finding a good price. With a good investigation and routine search, you can locate opportunities for apartments or houses at unique prices in Panama.

 

 

Opportunities and challenges when looking for apartments

The word “cheap” is obviously relative to each buyer profile, but regardless of this, the great reason for each buyer to look for something less in price is, in the case of an investor, to maximize their return, and in the case of a personal buyer, in securing a home without a lot of financial pressure.
Below are 3 important tips to identify cheap house or apartment opportunities in Panama in 2022:

1. Visit as many properties as possible

Searching and researching is everything, and to make a good decision about something, it is recommended to have as much information as you can. By looking at many houses and apartments, you can better distinguish the good things and train your mind to find great deals.

Make an appointment with your real estate agent to visit multiple options per day (minimum 3), and thus obtain experience of the points that you consider are valuable or not within your ideal property. In the end, “cheap” is relative, and you may find a real estate that meets a large part of your checklist and at a reasonable price.

2. Consider secondhand properties

There is no doubt that there will be more options for cheap properties when such place require something to be repaired. Before discarding this type of property, it is important to investigate a little more and even visit them. It is possible that the repairs that are required will be minor, and you may end up finding a good opportunity for an apartment at a bargain price.
You can also rely on a repair professional who can make a second visit with you and thus receive recommendations and another point of view, especially if the repair costs can be estimated beforehand.

3. See options around the center of Panama

One of the best ways to find cheap houses or apartments for sale in Panama is to look at options outside the central part and in the busy districts and focus more on the surrounding areas. In Panama there are many options, with beautiful views and convenient locations, and not necessarily the areas near the coast (for example) are the ones that offer the highest quality of life.

 

 

Of course, there are also challenges, one of them being the time consumption involved in choosing and visiting as many options as possible.
Another problem that occurs when visiting several options in the shortest possible time is the availability of the owner or tenant to show the apartment, which sometimes occurs at inconvenient hours, but some of these challenges are necessary barriers to prevent someone else from I was able to observe the potential of some of these properties.

Apartments from 120,000 in Panama. Is it possible?

Despite being a fairly competitive price, there are several options for both new and second-hand apartments in Panama City in that price range. Generally, studio or 1-bedroom type if they are new, or some even 2-bedroom if they are from second-hand properties.
You don’t need to settle for the most expensive property on the street to guarantee quality of life in Panama. If you buy either for a primary residence or for investment, the money is earned at the time of purchase, therefore, it is super important to locate a great offer.