Pros and Cons of Buying a Property in Panama

For many, Panama is an unforgettable experience, not only it has a diversified natural beauty, but, at the same time, its infrastructure is ready to meet the needs and even exceed the expectations of many visitors and residents.

This tropical country is so pragmatic that it can satisfy the most varied tastes: it has beautiful Caribbean beaches, with turquoise waters and white sands, hills, jungle and the most cosmopolitan city in Latin America, where the luxurious and imposing buildings contrast with the cobblestones. and the colonial architecture of the old town in Casco Viejo.

Whoever visits Panama falls in love with its beauty and wants to stay; with the aim of living in a place that makes him feel like an eternal vacation or, if that is not possible, at least acquire a house that will shelter him every time he wants to return, and the question is: why not do it?

Although there may be some disadvantages, as can happen anywhere in the world, buying a property in Panama usually has greater benefits.

Pros of Buying a Property in Panama

• In Panama you can buy first class properties at lower prices than in other countries. In addition, both the costs of services and maintenance are not high and, if the home belongs to a condominium, the amenities are usually exclusive and luxury.
• The cost of living in Panama is lower than in other countries with similar infrastructure and where you can have the same quality of life.
• The foreigner who buys a property in Panama is granted the same property rights as Panamanian residents. That is why many people of retirement age choose this country to live in peace while maintaining a good standard of living. In Panama, all retirees have a series of important benefits.
• Buying a property in Panama represents an excellent investment.
• Buying a tourist home for rent can be profitable. In recent years (excluding the pandemic), Panama has received approximately 2.4 million tourists a year, who need to find accommodation. Most of them choose to stay in private apartments and not hotels.
• Panama is one of the countries with the best economy in Latin America, which offers what we all seek: security so, it is a good place to settle, do business and live quietly.

 

Cons of Buying a Property in Panama

Panama is a friendly and safe country, in which foreigners feel at home, so acquiring a property and settling in does not involve major risks. The disadvantage of buying a property and residing in Panama permanently, could be linked to the exercise of some of the private professions that are only allowed to Panamanians by birth or naturalized.

Another disadvantage, in the case of foreigners, is that by not knowing all the areas in detail, you can buy a property that is not well located, but that risk is reduced by carrying out the transaction following the recommendations of a trusted real estate advisor.

Looking for a property in Panama?

If you are thinking of acquiring a property and you want advice, Panama Realty Zone will offer you the best personalized attention so that you can clear up your concerns and learn about the advantages of buying a home in Panama. Get in touch with us!