There is a large amount of real estate for sale in Panama – from secluded beach and mountain properties to modern apartments in the center of Panama City. Since the country’s economy is still developing, we can freely say that it offers First-World luxuries at Third-World prices. Therefore, you’ll be able to afford the kind of housing you would not be able to afford elsewhere. So, let’s discuss finding cheap Panama real estate for sale.
Reasons to purchase Panama real estate
Panama has it all – the sophistication, the diversity, the metropolitan population of more than one million. If you are interested in inexpensive cosmopolitan living, Panama is the country to go. Here, you can find everything you would have in, for example, Miami – first-world medical care, five-star hotels, world-class restaurants, international banks, high-speed internet – but for half of the price. Moreover, Panama has tropical weather year-round, so you can explore the outdoors, hit the golf course or go to the beach whenever you want. Not to mention the warmth of Panama’s people. That’s something you’ve got to see to believe.
The word “cheap” has different meanings
Depending on where you are coming from and what you are accustomed to, you might be pleasantly surprised by how cheap Panama real estate can be. If you come from a city like Boston, Miami or LA, you won’t find Panama real estate expensive at all. In that case, you can find international moving assistance in Boston, Miami, or LA and move to a much better home than your current one. On the other hand, you can find cheaper real estate in some parts of Dallas, for example, but you won’t enjoy the same weather and scenery there.
Real estate for sale in Panama City
In Panama City, you can find a lot of high-rise properties for sale many of which offer luxurious, state-of-the-art modern facilities. Although apartments and condos in Panama City are usually sold out well before their construction is finished, don’t be discouraged. That just shows how desirable these properties are. Unfortunately, Panama City and the Coronado area are much less affordable than other locations in the country. However, there are also numerous apartments and houses for sale scattered across the city which are much cheaper than the luxurious properties we mentioned. Panama City is also a great market if you are interested in buying commercial real estate. All in all, you can definitely find quality properties available for purchase that fit all price ranges.
Mountain and beach properties for sale
If a property in an urban area is not what you are looking for and you are more attracted to the countryside, Boquete, located in the mountainous Chiriqui province, offers many developed properties available for purchase. Unfortunately, Boquete is not as cheap as it used to be. People started noticing its qualities, which lead to an increase in prices. Still, this little village is definitely worth considering. For those who are considering a retirement in Panama, it is hard to imagine a better place. Just hire assistance to move your specialty items and household belongings and live your best life in this tropical heaven. Also, ask if they provide senior relocation services for additional comfort.
Foreigners can buy cheap Panama real estate without much hassle
Purchasing cheap real estate in Panama is relatively simple since foreigners enjoy the same property ownership rights as Panama’s citizens. The property laws that make buying real estate an excruciating process in other nations will not trouble you here. Nevertheless, you should always be cautious and obey the law when looking for cheap Panama real estate.
Tips and tricks for buying cheap Panama real estate
- Typically, buyers can get a much better price when they purchase Panama real estate directly from the owner. However, if you and the owner do not speak the same language, the language barrier will make things difficult. In that case, ask a Panamanian friend or, even better, real estate agent to help you negotiate.
- Don’t be surprised if the seller raises the price once they find out a foreign buyer is interested in the property.
- Some of best properties are not listed, they do not have a “for sale” sign either, and you can’t find them anywhere online. Therefore, they can be tricky to discover. Sometimes, real estate agents from Panama know about these properties.
- Feel free to ask the people who live in the area you are interested in if they know any properties for sale. Try talking to people at bars and restaurants, as well as taxi drivers.
- Buyers can often get the best prices on vacant houses, especially if their yard is overgrown.
- Since MLS (Multiple Listing Service) is not widely used here, determining the value of a property accurately is not possible. Which is why some sellers’ prices are too high.
- Take a good look at the neighborhood. In some communities, all the properties are similar in style and price. If that is the case, determining the correct price of a property becomes easier.
- Some nice properties are surrounded by poorly maintained indigenous houses or shacks. The price of these cheap houses reduces the price of the nicer ones that are located in the same neighborhood. Hence, determining the accurate price becomes complicated.
- Never agree to buy a property before you see it. Also, your attorney has to confirm the person who is selling the property is the real owner and create the purchase agreement.
- It is often much less expensive to buy an existing property than build a new one. It is also worth mentioning that the building costs depend on the cost of the land, who the builder is and how the property is built.
- We wouldn’t recommend building anything unless you are present during the building process to oversee its progress.
Conclusion
There are so many wonderful things to see and do in Panama that you’ll never regret buying real estate here. Plus, you’ll have all of the amenities and comforts you need. Some people worry that real estate prices in Panama have gone up so much that they can’t afford to buy anymore. Although it’s true that in some parts of Panama the prices are much higher than in others, cheap Panama real estate can be found. It all depends on where you are moving from and what you expect from the property.