The Best Advice for Buying a Property in Panama

When a person decides to buy a real estate property of any kind in Panama, and starts checking several options, there will be so many details and advices you will get from agents, banks, promoters and people which will effect on the final choice of purchasing.

Information such as property tax, management fees, distribution of the property, requirements,  interest fees, down payment, mortgage, social areas, etc., are just so hard to grasp in a short period of time and it can affect significantly while making the right choice of a proper real estate property.

The building construction sector in Panama brings approximately 18% of the GDP of the country, such sector has allowed to put in the market thousands of properties of different kind, both available and in development. For the consumer, this diverse market is a great benefit and a good opportunity for investing.

Of course, if you plan to buy a property, all the details mentioned previously need to be taken in consideration, however, these become second priority after shortlisting your properties in Panama based on the best location.

Location has always been the most important factor in real estate investing for decades. It is one of the things you cannot control directly on your property, you can remodel or increase the size of it, but you cannot change the location. Like anything else in the market, supply and demand will always affect the price of the property, so it is crucial to choose one that will or has good chances of appreciation in the future.

Finding the right location

Between the numerous factors that determine a good location, the most discussed one is the closeness to work, schools, hospitals, commercial centers and supermarkets, but even if you are buying this property for yourself, it is important to see the future and consider other key points such as:

• Transportation: is this property close to proper public transportation? Is it an easy access to the city’s main avenues and drive corridors?
• Jobs: is the area of the property a future job market? This can bring professionals newcomers and buyers looking to move in.
• Development: is there any development of amenities, commercial and business centers near the area?
• Neighborhood: does the property’s neighborhood has a good appearance such as green places, and basic needs amenities?

These key points are crucial to understand if there are chances of a good value appreciation of your property, this is the most important advice you can get to buy a property not only in Panama, but also in any other country, since it is based in the principle of supply and demand: the more desirable the area is, the more valuable it will become.

Going back to Panama, there are a diversity of projects and properties that bring a lot of benefits because of where they are located. Santa Maria Golf & Country Club and its surrounding areas is one of the most exclusive places in Panama due to is green areas and the new business, residential and commercial places. Costa del Este, is one of the most valuable neighborhoods, being home of residential, commercial and business skyscrapers where a great number of local and multinational companies have settled their headquarters.

The San Francisco neighborhood is one of the popular areas of Panama City with a lot of entertainment, dining and coffee places, is a wide metropolitan area that includes Punta Pacifica and Punta Paitilla, and close to Parque Omar, a great place for walking or running.

Last but not least, Avenida Balboa is one of the most popular areas of the city and one of the biggest attractions for real estate development. With a beautiful skyline, it contains several residential and financial skyscrapers with amazing views to the coast and it is close to Cinta Costera, the bay-front boulevard with a great view to the city where people hang around, walk or do fitness activities.