Panama Real Estate
In recent years, Panama has become a popular vacation destination or country to retire, which has made real estate investments in Panama very attractive to tourists, retirees and investors. Panama offers an excellent incentive program for retirees, lower cost of living, nice climate, and tax advantages. Additionally, Panama provides several important incentives which include a US dollar based economy, Free Trade Zone, and international banking, among others.
The U.S. military has occupied the prime real estate along the Panama Canal for over 100 years and after their departure on December 31, 1999, this land was left to be sold to the private sector. The sheer scope of the Canal Zone change over is difficult to imagine. The combination of over 7,000 residential, administration and commercial buildings, over 230,000 acres of real estate and all accompanying infrastructure coming up for auction, bid or sale represented an opportunity to investors that is seldom seen anywhere in the world.
The process to buy real estate in Panama is very similar to other western civilization. Most properties have titles or can be titled, a title insurance can be bought, traditional mortgages are available. As an incentive for national and foreign investments, Panama has established a 20-year exoneration period, were one doesn’t have to pay any kind of property tax, and foreign investor protection laws that guarantee the standard rights of land ownership - any foreigner can own a property under the same laws as a Panamanian citizen.
The construction in Panama is fast and of high quality. The U.S. construction industry conventions keep Panamanian architects up to date with the latest techniques and benchmarks. Gorgeous homes and buildings are being built constantly in many exclusive neighborhoods located within walking distance of just about every amenity and convenience like parks, restaurants, shopping malls, supermarkets, sport facilities, playgrounds and many others. Preconstruction projects are very common in Panama City as well as residential communities in the highlands of Boquete and Altos de Maria.
Real estate values in Panama have been appreciating very steadily, especially in the Pacific Coast Beach. Although there are still good deals to be found, the values will increase considerably as interest and growth increases too.