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4 Tips to Buy Real Estate in Panama
By The Panama Gringo | August 27, 2007
The purchase of real estate in Panama can be confusing and uncertain if you are not well guided, or it can be a very pleasant experience. One of the most prevalent qualms within foreigners is whether or not the asked price is fair for a particular property. Sometimes it is difficult, even for locals, to determine what the asking market price for a particular property is.
1.The easiest way to ensure that you do not pay much more for it, is requesting for an appraisal of the property. Even if none is available, the cost of having one done is minimum and possible out of pocket expenses well worth it, because it is common to see very similar properties, even located adjacently, have price variances of up to 150%.
2. Once you have decided on your dream property, it is highly recommended that a title search be completed to ensure that the property has clear title, free of any liens, liabilities or encumbrances.
3. Look for a Licensed Broker. It is necessary to have a professional capability license, issued by the Real Estate Technical Board (“Junta Tecnica de Bienes Raices”) of the Republic of Panama. Real estate agents (brokers) in Panama are trained to offer other services that go beyond the conventional real estate market, such as: property appraisals, periodic reports on concrete marketing actions, counseling on legal and financial matters, general counseling services, preparation and processing of the corresponding legal documents, procedures of negotiation, closing and post-closing of commercial transactions, i.e. collections, payments, inscriptions at the Public Registry, etc. A broker is a able to assist you in the complete purchase procedure.
4. Another secure way to ensure yourself a sound price on real estate in Panama is by purchasing your property financed. All the bank procedure and paperwork can be extremely tedious and time consuming, but you can be assured that a bank will not finance a property for more than it is actually worth and usually the bank will cover or reimburse you the cost of the appraisal.
September 24th, 2007 at 4:38 pm
Please contact me @ the above referenced email address. I am interested in relocating to Panama from Houston, Texas, USA. I will return to Panama in March 2008, to begin the quest for two (2) properties; a highrise in Panama City and raw land in the countryside.
Calvin E. Buckley, Ph.D.
713/624-0453
September 26th, 2007 at 5:55 pm
Dear Sir or Madam,
I plan to return to Panama from the USA in March, 2008, to explore real estate opportunities, semi-retirement, etc. I intend to relocate to Panama in less than three (3) years. Can you assit/provide guidance/direction?
respectfully,
Calvin E. Buckley, Ph.D.
713/624-0453
Houston, Texas USA
November 8th, 2007 at 8:37 am
It is a shame that gringos cannot afford
to buy a property in the U.S and be forced
to buy it “in the so much hated by americans Latin America”.
Life is curious.
November 23rd, 2007 at 6:15 pm
I’ll be moving to Panama in Octobre of 2008, I should like to visit there to find a place I would like to live.
Can you help??
November 29th, 2007 at 10:31 pm
Our experience has been that living outside of the mainland US has broadened our attitudes and expanded our appreciation for the many wonderful aspects of the world’s cultures.
Perhaps with more Americans leaving the US and living abroad, this situation will improve.
December 15th, 2007 at 2:27 pm
Hello,
My husband and I are going to Panama in Feb 08. We will be looking at the rural area of Lidici de Capira. Does anyone know anything about it?
Also, if you are traveling, try this travel site at http://www.rojimvacations.com
Thanks - Rose
December 17th, 2007 at 6:29 pm
Hola! I will be returning to David Panama in January to buy building lots. I love the people, climate and security of David. I only wish the Panamanian goverment would make it easier to become a permanent citizen. Also please advise of any property for sale in the David/Boquette area THANKS (Gracia”s)
December 23rd, 2007 at 10:23 pm
Hi as I enter the forum, i can see there are a lot of people interested on acquiring property in panama, I personally know a friend who is selling 34 hectares in Santa Catalina, a must for tourists, as is the best place for surfing, good price per meter. if anyone interested I’ll send pictures of the property, only serious inquires.
January 1st, 2008 at 12:15 am
Peter Morgan:
Yes, please send me some info. I am serious about finding property in Panama.
Thank you.
jjconsig@gmail.com
January 6th, 2008 at 3:49 pm
I am currently in the process of purchasing in a development in the Santa Clara beach area about 1 hour from Panama City and have a wonderful realtor and lawyer I am working with. I would be more than happy to share their information with you if you woule like to get in touch with me. My phone number is 540-636-4604. I am purchasing a 2BR/2BA unit in a high rise with beach view and about a 2 minute walk to the beach and a 3BR home on Taboga Island. I have personally interviewed the lawyer, the realtor, and have been to the developers place of business in Panama. I just spent 3 weeks in Panama looking at property and am returning late February. I’m looking forward to hearing from you.
January 19th, 2008 at 12:59 am
My Family and I live in Panama, at the moment we are renting and looking for somehwere to buy. Just to let people know the appraisal system here is not straight forward at all!!! Older properties are valued at what they were worth 30 years ago!! Just be warned it is not all so simple!
April 8th, 2008 at 5:53 pm
Perhaps you would be interested in visiting the PanaExpo in Toronto that features retirement investments in real estate in Panama.
The event will take place at the TORONTO CONGRESS CENTRE, Hall E, 650 Dixon Rd, Toronto, Ontario
May 2 – 4, 2008
Register online for free admission at http://www.panaexpo.com
Howard