Panama Real Estate: Double the Luxury for Half the Price
If you are considering a move to Panama, then you will be pleased to learn that there is a large amount of real estate for sale here. Whether you want to find a home in Panama City, a beautiful property in the mountains, or a house by the beach, Panama offers it all.
The Real Estate in Panama Is Inexpensive and Easy to Purchase
It is important to first note that most of the property you will find for sale in Panama will be much more affordable than what you may be accustomed to. Panama is regularly hailed for providing First-World luxuries at Third-World costs. Panama City is a modern metropolis where you will easily find all of the amenities and comforts you need. Nevertheless, the country’s economy is still developing, and prices are relatively inexpensive across the board. In other words, you will be able to find stunning properties for sale in Panama that you may not be able to find or afford elsewhere.
It is similarly important to point out that buying real estate in Panama is relatively simple. Foreigners in Panama enjoy the same property ownership rights as Panamanian citizens. So when you find that exquisite beach lot for sale and are ready to pursue your lifestyle dream, you needn’t wade through painful property laws that persist in other nations. That said, you should always proceed cautiously and legally when eyeing real estate for sale in Panama. But rest assured that you will most likely be able to buy the property with little hassle.
Real Estate in Panama City
Those interested in living in booming Panama City will be happy to know that there is a long list of luxurious high-rise properties for sale. Many of these high-rises offer state-of-the-art modern facilities that are the definition of luxury. There are always properties for sale, but the apartments and condos are typically sold out well before the construction is finished. Do not let that dissuade you from researching the market—rather, take it as evidence of what a hot spot Panama City is becoming and the bright future ahead.
There are also countless other properties for sale in Panama City at even cheaper prices than the luxurious high-rises. There are attractive apartments and houses scattered around the city available for purchase. These properties may not be advertised as vigorously as the new high-rises under construction, but you can undoubtedly find quality properties for sale that suit all price ranges.
Property samples in Panama City:
- In the San Francisco area of the city is an apartment of about 860 square feet and features two bedrooms, one bathroom, and a laundry room. The unit comes with one allotted parking space. The building has a covered carpark with visitor parking, as well as a night doorman. Price: $78,000.
- In the neighborhood of Betania (where International Living’s Panama Editor Jessica Ramesch lives), there’s a two-bedroom, two-bathroom apartment with balcony for sale. The unit is just seven years old and comes with a laundry room. The property is about 800 square feet and comes with one allotted parking space. Price: $79,500.
- A new apartment in Albrook is on the market. The three-bedroom, two-bathroom unit is about 900 square feet (including balcony) and comes with white-line included and central air conditioning. The building (with a doorman) boasts a social area with gym, pool, and party room. Price: $139,000.
Properties for Sale in the Mountains and on the Beaches of Panama
Many people looking for Panamanian real estate are not at all interested in living in Panama City. Many are, in fact, more attracted to life in the countryside, where the cool breezes and mountain valleys create an eternal spring-like climate. Boquete, in Chiriqui province, is the most famous of such locales, and there is much land and many developed properties for sale there. Unfortunately, Boquete’s many attributes have led to increasing popularity that has also spurned a rise in prices. People looking for slightly less expensive properties will be able to find them for sale in other comparable locations around Panama.
The forested mountains of Boquete offer another kind of paradise in Panama. This little valley, located in the mountainous Chiriquí region at an elevation of 3,500 feet, is one of the world’s most wondrous refuges. Due to its elevation, daytime temperatures rarely dip below 70° F in Boquete and rarely climb above 80° F.
Nights are cool and comfortable. Boquete is ideal, therefore, as either a year-round, full-time retreat, or as a place to escape to for several weeks of the year. In our minds, it’s hard to imagine a better haven than this little village. Boquete’s lush green hills, flowing rivers, and spectacular waterfalls make it one of the most unspoiled retirement retreats in the world today.
Retirees have flocked to this retirement gem. With banks, B&B’s, hotels, and museums, Boquete is fast becoming an eco-tourist’s mecca. From our vantage point in Panama, we’ve noticed that Boquete has more to offer every time we look. In the last few years a number of new developments have sprung up, including a riverside restaurant, a hotel, a folklore shop with arts and crafts from Central America, a visitors’ center, and a sports center with basketball courts and baseball fields.
Property samples in Boquete:
- A two-bedroom, one-bathroom home in a secure, quiet neighborhood. About five minutes from the town center, the home is about 1,600 square feet and sits on a lot of just over 2,000 square feet. The home features a large laundry and storage room, custom wood cabinets in the kitchen, bedroom and bathroom, and comes with hot water heater and a water tank with pump system. Price: $90,000.
- A three-bedroom, two-bathroom home located just five minutes from downtown Boquete. The kitchen and bathrooms have granite counter tops, there is a kitchen island with wet bar and built in wine rack. The master bathroom has a Jacuzzi tub with an aquarium window view of the surrounding mountains. This house has 1,500 square feet of living space and all of the floors in this home are tiled and there is a beautiful gas fireplace in both the living room and on the patio. Price: $179,000.
People searching for an endless summer rather than an eternal spring will probably be inclined to search out beach properties for sale in Panama. Thankfully, Panama has miles and miles of coastline. There are several developments where you can find excellent beachfront real estate for sale. Also, much of Panama’s coast has yet to be developed, so you can find amazing beach lots for sale at bargain prices.
*Prices as of 2013
Taken from Panama Real Estate