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American retirees have been flocking to the area in growing numbers for the last decade, quickly snapping up many of the great pieces of Panama real estate for sale. These shrewd investors not only love the country for its natural beauty and pleasant climate, but also for the relatively low prices of the real estate. This has also led to a boom in people purchasing property as a second home, as the Panamanian real estate market continues to appreciate.
Are prices too high now?
Even though the price of real estate continues to appreciate, properties are still considerably lower when compared to prices in Europe, the Caribbean, and the United States. Aside from just offering reasonable prices that allow people to gain a piece of property, investors also gain a piece the growing economy in Panama. Buying here gives investors the opportunity to be a part of the largest United States investment per capita of all of the countries of Latin America. The country’s roads, air ports, ports, infrastructure, and telecommunications are superior to any other American country located south of the border of the United States.
The economy is growing at a staggering pace
Compared to the rest of the world, Panama’s economy is doing amazingly well. Since the time the United States gave up control of the Canal, the global perception that Isthmus is a U.S. territory has just about disappeared, and in its place an interest in worldwide investment has developed. In addition to the United States investments, the money that has been coming into the country from real estate sales has fueled the economy big time. This can be seen in the form of high rise buildings being constructed in Panama City, the expansion of the Panama Canal, and mega projects like the new subway and the cleaning of the Bay of Panama.
That being said, it is important to note that it is not only American retirees who are purchasing pieces of property. Panama is filled with workers from many other Latin American countries who are looking for better employment opportunities. Reports published in La Prensa state that the majority of money given for mortgages in the country are going for houses costing less than one hundred thousand dollars.
Panama real estate for sale is perhaps most attractive to retirees because it is not only affordable, and appreciating in value. It is also attractive because of residency requirements. In other words, say a retiree has a pension of five hundred dollars monthly, and one hundred dollars per dependent, he or she is then qualified as a jubilado. This is a Spanish term that simply means retired person. Purchasing property valued over two hundred thousand dollars qualifies the buyer as a person of means.
If you are classified as a jubilado, and you live in Panama you can take full advantage of many benefits Panamanian retirees are entitled to. Buying a property gives you access to prescription medications and physician visits that are reduced in price, as well as reductions in the cost of food at grocery stores and restaurants. Your power bill will be reduced, and banks offer certain incentives for retirees as well.
Where should I start looking?
If you are wondering where to begin your search for a personal piece of Panama, you may first want to narrow your choices down a bit. There are two coasts to choose from, major cities, a highland area, and even central low mountains. Properties located in the Veraguas Province, on the Pacific coast are perfect for those looking to enjoy activities such as surfing, scuba diving, and sport fishing.
Choosing to live in the City offers plenty of major conveniences, such as the best hospitals, international flights, and shopping. You can easily obtain a condo in Panama City for as little as three hundred thousand dollars, with option ranging up to a million dollars or more, depending on the features.
What about the caribbean side?
You can also find great property options in the Caribbean side of the country. Beach front property can be purchased for as little as twenty thousand dollars for those interested in buying at least eighty acres. For a closer to nature kid of experience, property in Bocas del Toro is available at excellent prices. This is one of the most beautiful and unspoiled parts of the country, and also offers some of the best deals.
Whether you have decided exactly what type of Panama real estate for sale you want, or if you are just starting out with more questions than answers, be sure to contact Panama Homes Plus for a bit of assistance with your purchase. With over ten years of experience in this market you will find a helpful, courteous staff just waiting to help you make your dreams a reality. Simply use our handy form below to get the process started. In no time at all you will have one of the best realty companies in Panama working hard to locate exactly what you need, down to the very last detail.